【原文链接： https://www.kedglobal.com/corporate-restructuring/newsView/ked202411080007】
△《韩国经济日报》报道网站截图
【标题】Korean steel giant POSCO to sell Chinese JV PZSS amid US-China trade war
【标题】：韩国钢铁巨头POSCO将在中美贸易战中出售中国合资企业PZSS
正文及翻译如下：
The sale of the JV, dubbed ‘little POSCO in China,’ is part of Chairman Chang’s rigorous reform drive
South Korean steel giant POSCO Holdings Inc. is seeking to sell its entire stake in a Chinese stainless steel joint venture as it faces growing competition with Chinese steelmakers amid a supply glut.
出售这家被称为“在中国的小POSCO”的合资企业，是浦项新任董事长张仁和严格的改革努力的一部分。韩国钢铁巨头POSCO控股有限公司正寻求出售其在一家中国不锈钢合资企业的全部股份。由于供应过剩，该公司正面临与中国钢铁企业日益激烈的竞争。
Industry sources said on Friday that POSCO Holdings, the parent of Korea’s top steelmaker POSCO, plans to sell its stake in POSCO Zhangjiagang Stainless Steel Co. (PZSS), a JV with Shagang Group, China’s second-largest steel producer also known as Shasteel.
POSCO Holdings and POSCO China own a combined 82.53% stake in the JV. Shagang Group holds the remaining stake.
POSCO has picked a Korean accounting firm as the sale's lead manager and has begun reaching out to investors for the deal estimated at 500 billion won ($361 million), sources said.If the sale of the entire stake, including that owned by Shagang, is not feasible, POSCO will consider selling a 50% stake and continuing the business through joint management, according to sources.
业内消息人士周五表示，韩国最大钢铁制造商POSCO的母公司POSCO控股计划出售其在POSCO张家港不锈钢有限公司（PZSS）的股份，后者是中国第二大钢铁生产商沙钢集团的合资企业。POSCO控股和POSCO中国总共持有该合资公司82.53%的股份。沙钢集团持有剩余的股份。消息人士称，POSCO已选择一家韩国会计师事务所担任此次交易的首席经理，并已开始向投资者进行接触，预计这笔交易的规模为5,000亿韩圆（合3.61亿美元）。
据消息人士透露，如果出售包括沙钢所有的股份在内的全部股份不可行，POSCO将考虑出售50%的股份，并通过联合管理继续开展业务。
‘LITTLE POSCO’ IN CHINA
浦项中国的“小麻烦”
Established in 1997 in Zhangjiagang, Jiangsu province, PZSS is a large facility capable of producing 1.1 million tons of stainless steel annually – about half the volume of POSCO’s entire Korea production.Industry officials said POSCO is exiting PZSS amid Beijing's push for steel self-sufficiency by urging domestic steelmakers to play a greater role in supply. This has contributed to a supply glut amid a slowdown in the country’s construction sector.Stainless steel is widely used in construction materials, automobiles, home appliances and aircraft components.
PZSS于1997年在江苏张家港成立，是一家每年能生产110万吨不锈钢的大型工厂，约为POSCO整个韩国产量的一半。行业官员表示，由于北京方面推动钢铁自给自足，敦促国内钢铁制造商在供应方面发挥更大作用，POSCO正在退出PZSS。中国建筑业增长放缓期间的供应过剩。不锈钢被广泛应用于建筑材料、汽车、家用电器和飞机零部件中。
△张浦公司近4年的营收和利润情况
Dubbed “little POSCO” because the JV had an integrated steel production facility capable of processing raw iron into expensive steel, PZSS was once a cash cow.
Built with an investment of over 1 trillion won, the Zhangjiagang plant was seen as a successful example of POSCO’s overseas expansion, generating hundreds of billions of won annually through 2010.
With the rapid rise of Chinese steel producers in the following years, however, PZSS began to bleed money.PZSS produced 1.1 million tons of stainless steel in 2019 but cut its production volume to 839,000 tons last year.The JV’s operating loss more than doubled to 170 billion won in 2023 from 77.3 billion won in 2022.
LOSING TECH LEAD
失去技术领先
POSCO’s technological lead over its Chinese rivals has also dwindled.
Analysts said China’s Tsingshan Holding Group, the world’s biggest stainless steel producer, has swiftly narrowed its technology gap with POSCO.
“With Chinese steel companies growing stronger, PZSS is now at a disadvantage in terms of price competitiveness,” said a POSCO official.China’s 43 stainless steel producers churned out a combined 28.21 billion tons of the product in the first nine months of this year, some 15% more than the country’s demand of 24.17 million tons.
POSCO在技术上相对于中国竞争对手的领先优势也有所减弱。分析人士表示，全球最大的不锈钢生产商中国青山控股集团已经迅速缩小了与POSCO的技术差距。POSCO官员表示：“随着中国钢铁公司实力壮大，PZSS在价格竞争力方面处于不利地位。”今年前9个月，中国43家不锈钢生产商共生产了2821万吨，比中国2417万吨的需求高出约15%。
CHAIRMAN CHANG’S RESTRUCTURING DRIVE
张仁和的重组计划
Chang In-hwa, chairman and chief executive of POSCO Group, has vowed to take drastic cost-cutting measures to counter difficulties caused by a global steel oversupply and the intensifying US-China trade war.He also pledged to seek mergers and acquisitions in promising sectors beyond steel and battery materials during his three-year term to secure new growth drivers.
The steelmaking group has beenselling off non-core assets and unprofitable businesses to boost its financial status and secure funds for future growth engines.POSCO Holdings said in July it aims to raise 2.6 trillion won through restructuring by 2026.To achieve this, POSCO plans to sell or liquidate as many as 120 non-core assets and unprofitable businesses.The conglomerate aims to achieve a 200 trillion won market capitalization by 2030 from the current 70 trillion won.The CEO said in April that POSCO will take drastic cost-cutting measures to counter economic difficulties while reinforcing new businesses, including POSCO Future M Co., a battery materials affiliate.Of 38 overseas affiliates, 13 POSCO companies fell into the red last year. Among those loss-making units, PZSS posted the highest losses in 2023.POSCO’s corporations in Argentina and Turkey each posted some 70 billion won in losses last year.
CHINA EXIT
退出中国
Analysts said some Korean companies are preparing to pull out of China due to the heightened geopolitical risk in the wake of Donald Trump’s US presidential election win.
The US has tightened restrictions on Chinese steel products as part of its protectionist measures.
While emphasizing his America First policy, Trump pledged to impose punitive tariffs above 60% on Chinese steel imports.
POSCO has collaborated with the Shagang Group for more than 27 years in China.
Korea’s two other major steelmakers, Hyundai Steel Co. and Dongkuk Steel Mill Co., are also considering pulling out of China, sources said.
来源：《韩国经济日报》 翻译：凌波微观
