October 19, the ceremony for the completion of construction of HBIS POSCO Automobile Strip Joint Venture was held in Laoting, Tangshan. This is a great achievement of cooperation between Chinese and Korean economy. After the ceremony, the largest joint venture in Chinese steel industry over the years, will commence its business operation. The governor of Hebei Province Wang Zhengpu attended the ceremony and met Korean Ambassador to China CHUNG Jae-Ho. Mayor of Tangshan Wu Weidong, Vice Governor Jin Hui, China Iron & Steel Association Secretary of CPC Committee and Executive Director He Wenbo, HBIS Chairman Yu Yong, POSCO Holding Choi Jung-woo attended the ceremony and together pushed project Button.

HBIS General Manager Wang Lanyu hosted the ceremony.

Secretary General of Hebei Provincial Government Zhu Haowen, Minister-Counsellor Lee Jae-keun，in Korean Embassy to China, Mayor of Tangshan Tian Guoliang, Department of Industry and Information Technology of Hebei Province Director Fu Zhenbo, Deparment of Commerce of Hebei Province Director Zhang Zefeng, SASAC of Hebei Province Director Wang Puqing,NDRC of Hebei Province Deputy Director Jia Letang, Foreign Affair Office of Hebei Province Deputy director He Luming, National Development Bank Hebei Branch Director Guan Hongyan, Import-Export Bank of China Hebei Branch Director Mei Jianping, Bank of China Hebei Branch Director Duan Zhonghui, AgricultureBank of China Hebei Branch Director Xiang Yang, China Construction Bank Hebei Branch Deputy Director Zhang Xuefeng, China Bank of Communications Hebei Branch Director Liu Qingjun, Postal Saving Bank of China Hebei Branch Deputy Director Wang Yuntao, ICBC Tangshan Branch Director Li Changsheng, Industrial Bank Shijiazhuang Banch Director Shen Chunhua, CITIC Bank Shijiazhuang Branch Director Li Gang, CGB Shijiangzhuang Branch Director Wang Shuqing, Pingan Bank Shijiangzhuang Branch Director Liu Xiangyang, China Minsheng Bank Shijiazhuang Branch Kang Wenzhe, Huaxia Bank Shijiazhuang Branch Chief Risk Officer Li Lei, Bo Hai Bank Shijiazhuang Branch Director Zhang Xiushan, China Merchants Bank Tangshan Branch Director Yu Dong, Hebei Bank Chairman Mei Aibin, HBIS Chief Accountant and CFO Hu Zhigang, HBIS Vice President and Chief Strategy Officer Li Yiren, Tangsteel Chairman Xie Haishen, Tangsteel General Manager Zhang Chi, POSCO Vice Chairman Jin Xuetong, POSCO Construction Chairman Han Chengxi, POSCO DIAISI Chairman Zheng Dejun, POSCO China General Representative Song Rongsan, Hyundai Motor China President Li Hejun, Tianjin LG Chairman Piao Biqiu attended the ceremony.

The partners signed the project agreement on June 25, 2021 and construction of the project commenced on January 7, 2022 with a CAPEX of 4.125billion Yuan and HBIS and POSCO owning 50% of shares each. In Laoting Economic Development Zone, Tangshan, two world leading continuous hot galvanization strip lines have been built. The project also owns an automobile strip plant in Guangdong Province. The total annual capacity of the venture will be 1.35million tons and dedicated to strips for new energy and high end automobiles, providing low carbon, green and light weight materials. World leading intelligent control technologies are applied to produce high end auto strips and high strength strips and household appliance strips. The plant targets first class international automaker and mainstream domestic automaker. After the project reaches its designed capacities, it will be the largest domestic high end automobile strip producer.