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HBIS & POSCO Holdings Sign MOU on Full Cooperation as a Showpiece of Practical Collaboration between Chinese and Korean Companies

HBIS has signed a new MOU with POSCO Holdings for further five years to build a future oriented cooperation to strengthen the cooperation in strategic planning, steel manufacturing and additive manufacturing as a showpiece collaboration between Chinese and Korean Companies.

Armed with the world influential brands, HBIS and POSCO cooperation is dedicated to the “Being Good Neighbour, Good Friends and Good Partners” and “Strive for Better Future for Both Countries” spirit in the letters of Chinese and Korean presidents celebrating the 30th year anniversary for the establishment of diplomatic relationship. The new MOU could also help the two countries to high quality development of their steel supply chains in global steel industry.

With the existing communication channels, HBIS and POSCO Holdings will fully mobilize their Comprehensive Cooperation Leading Committee and Strategic Planning, Technology, Energy & Environmental Protection and Raw Material & Resources Sub-committees.In addition, both sides will continue to explore new steel materials, new technologies and new industries to further expand their cooperation.

HBIS and POSCO Holdings share a similar development and business concept. Their development strategy is highly complementary. Since they signed the MOU of Comprehensive Strategic Cooperation, on August 29, 2017, the partners have built a mutually beneficial and win-win partnership to develop new technologies and locate new clients. Particularly, they are taking the opportunities in the upgrade of Chinese automobile industry and implemented the currently largest joint venture in Chinese steel industry, HBIS & POSCO Automobile Steel Strip Mill, with a total investment of 4.125billion Yuan and an annul capacity of 1.35million tons. The project will enter service in 2023 and will focus its efforts on high end new energy automobile face board strips. They will assist the automobile industry to deliver high end and highly personalized, light weight and low carbon & green products to the markets.   

POSCO Holdings is one of leading steel manufacturers in the world, it was called the most competitive steel enterprise of the world 12 years in a row. In 2022, it ranks No.188 of Fortune Global 500. In March 2022, POSCO Holdings completed its strategic transformation to a holding company by divesting all operating businesses other than those related to a holding company functions, including steel production and sales, to a new wholly-owned subsidiary, POSCO.