A worker oversees production at a plant of HBIS Group Hansteel Co in Handan in North China's Hebei province. [Photo/Xinhua]

The HBIS Group Co Ltd said it will partner with South Korea's largest steel company POSCO in setting up a joint venture in China to develop, produce and sell high-end steel products for the automobile industry, aiming to seize opportunities in the country's automobile market.

HBIS Group Co Ltd is one of China's largest steelmakers. According to the company, location of the joint venture, which is still under discussion, is expected to be in Tangshan, North China's Hebei province, where HBIS's Laoting cold rolling steel project is located.

The two firms recently signed a memorandum of understanding for the project. The detailed investment scale of the venture was not disclosed because related matters remain under discussion, HBIS said.

HBIS and POSCO are both leading players in the global steel industry.

As the largest steel company in South Korea, POSCO has been rated as the world's most competitive steel enterprise by industry journal World Steel Dynamic (WSD) for 10 consecutive years.

HBIS Group is one of the most internationalized steel companies in China and has become the second largest steel supplier for the automobile sector in the country. The firm is based in Shijiazhuang, the capital of Hebei province.

At Hall 2 of fasteners, standard fasteners and non-standard fasteners, we specially set up special areas for Automobile & High-strength Fasteners Zone,  Export-oriented Fastener Zone, Stainless Steel Fastener Zone, Comprehensive Fastener Zone and Branded Fastener Zone. International Fastener Show China will be held on June 22-24, 2020 in Shanghai.