HMC Securities analyst Park Han-woo said, "POSCO Group company POSCO ICT and Tangshan Iron & Steel, an affiliate of the world's third largest steel maker Hebei Iron and Steel Group, are joining hands for the LED business in China."
The 50:50 joint venture, to be established by the year's end, will have paid-in capital of 50 million yuan (US$8.17 million). The name of the new company will be Tangshan-POSCO LED Ltd. According to McKinsey & Co. and other market research firms, the current Chinese LED lighting market is estimated at $4.1 billion and will grow to $9.8 billion by 2015.
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