South Korea’s Pohang Steel has another move in China. This time it’s not about steel projects, it’s about resources.
Yesterday (June 10), some media reported that the consortium of Korea Resources and Posco made a stake of China’s Yongxin Rare Earth MetalCo.60 with a total of RMB 59.76 million. The consortium holds a new company, Posco Kores Yongxin Rare Earth MetalCo. .60% of the shares.
The "Daily Economic News" reporter survey found that this Chinese company is not a rumored Jiangsu Yongxin rare earth trading company, but a rare earth production enterprise in Baotou. Yesterday, the relevant person of Posco Steel China confirmed this.
The industry believes that in the case of China's strict control of the export of rare earth raw materials, foreign companies have set up factories or acquisitions in China to intensify the “disguised export†behavior of simply processed rare earth products.
What is the intention of investing heavily in the investment in the rare earth industry?
A staff member of the Technical Department of Posco Steel China told the Daily Economic News that the acquired Chinese company has a factory in Baotou Economic Development Zone to produce rare earth products. The acquisition is operated by Posco China.
When the "Daily Economic News" reporter asked about further mergers and acquisitions, the staff member was reluctant to continue to explain, telling reporters that the South Korean leader who is next to him would not let him say, "This is a company secret, and it cannot be made public now."
The reporter was informed that there is a company named Baotou Yongxin Rare Earth Co., Ltd., registered in 2002 with a registered capital of 500,000 yuan. The production scope includes "rare earth compounds, permanent magnet materials" and so on.
In fact, Posco has already entered China. In 2003, Posco officially established Posco China Investment Co., Ltd., and its various acquisitions in China were all steel-related industries, including Bengang Pohang Cold Rolling, Qingdao Pohang Stainless Steel, Zhangjiagang Pohang Stainless Steel, etc. Investment in China has exceeded $2.4 billion.
Zhang Xiang, an analyst at Tianxiang Securities, pointed out that in recent years, China’s exports of rare earth products to South Korea have decreased a lot. “South Korea has some energy policies to encourage the development of the wind power industry. The development of the wind power industry requires elements such as aluminum, iron and boron. Without rare earth resources, only rare earths can be imported from foreign countries."
Yancheng Securities Nonferrous Analyst also believes that after Posco's injection of domestic rare earth enterprises, it can buy export quotas from other domestic quota companies. The state still encourages the export of high-end products, and Posco can process it into high-end products after acquiring primary products. “But Pohang Steel is a steel company. If Posco China does not have the technology and experience to produce rare earths, it is difficult to make high-end rare earth products. The intention is to obtain rare earth raw materials and primary products, and then export them by buying quotas.â€
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