POSCO announced it agreed to build a cold-rolling line with an annual capacity of 1.8 million tons under the joint venture with Benxi Steel. POSCO plans to break ground in the coming September and complete the construction by December 2005. POSCO resolved to approve the joint venture at its board of directors' meeting of July 22. POSCO's stake will be 10 percent and the balance 90 percent will be paid by Benxi. But, POSCO considers to take an additional 15 percent if the situation is favorable. The joint venture was agreed by the request of Chinese government for investment and technology help. The joint venture will also be of help to POSCO's existing local producers which are in need of cold-rolled sheets as substrate.
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