Wednesday, September 25th, 2013
Tangshan is an affiliate of Hebei Iron and Steel Group, the No. 3 company in the world in terms of crude steel production after ArcelorMittal and Nippon Steel & Sumitomo Metal. 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.
In the first few years of operation, the LED business is expected to find sufficient outlet for its products, through Hebei Iron and Steel Group affiliates as well as the Tangshan city government which will replace all the city's street lights with LED devices. A POSCO ICT official said, "With the latest cooperative deal, POSCO's LED business unit will be able to lay the foundations for future business in China."