US Steel, headquartered in Pittsburgh has acquired the remaining 50pc stake in its joint venture with Posco California (Poscal). The two steelmakers; US Steel and South Korea based Posco, had a long collaborative venture USS-Posco Industries (UPI).
As a steel finishing plant, UPI has been operational since 1910. The companies, however, believed ownership by a single group would ensure better operational efficiency for UPI. These purchase plans were disclosed by US Steel on Feb 14 in its 10-K filing. UPI will function as a separate entity.
The annual production capacity of UPI is around 1.5mn mt. It produces cold-rolled sheets, galvanized sheets and tin mill products from hot bands provided by US Steel.