October 27, S&P announced GMA Deal of The Year winners in London，HBIS & POSCO Joint Venture of Automobile Strip Projects won the award with its influence in the global steel industry and its low Carbon and green future.
Over the years, HBIS has been dedicated to the high quality and sharing development in world economy. As influential enterprises, on August 29, 2017, HBIS and POSCO Holdings signed a Comprehensive Cooperation MOU. On June 25, 2021, HBIS and POSCO signed an agreement to launch the joint venture of automobile strip project, to pursue a high-quality development of steel industry. In the uncertainty times of world economy, HBIS & POSCO Joint Venture is bringing positive momentum to the world.
The total investment of the joint venture is 4.125billion Yuan to build two world leading automobile strip making facilities, particularly galvanized strips for high-end green energy automobiles, with capacity of 900,000tons annually in Tangshan, Hebei. They will also acquire a galvanizing plant with a capacity of 450,000tons per year located in Guangdong Province. With the support of Chinese and Korean governments, both sides have commenced the project construction on January 7, 2022 and both expect the construction to complete in the second half of 2023.
HBIS and POSCO are contributing their technologies, brands, talents, markets and management to the new energy automobiles, high end vehicles and the JV will produce 1.35million tons of light wight, corrosion-resistant and high strength automobile strips. By taking advantages of HBIS and POSCO full process low carbon emission technologies, the JV will provide full life-cycle green steel to their clients and become a new kind of leading low carbon producer in world steel and automobile industry.
Found in 1860, S&P is the most influential credit ratings and financial consultant of the world. It is delivering well known credit ratings, independent analysis and invest consultancy to the world market. S&P is an integral part of global finance. The Annual GMA Deal is awarded to joint ventures, strategic alliances, M&A, restructure and spin off activities. The most important and futuristic project will win this titles yearly. In 2020 and 2021, the winners were ArcelorMittal & Nippon Steel joint venture in India and the USA Cliffs Natural Resources acquisition of ArcelorMittal America project respectively.