Guan Aiguo, Party secretary of the city of Kunshan, met with In-hwan Oh, senior officer from POSCO, on Aug 2.

"It has been over 10 years since POSCO (Suzhou) Automotive Processing Center was established in Huaqiao," said Guan Aiguo. "Much headway has been made through our cooperation, and we are eager to see your company continue flourishing in the years to come."

POSCO (Suzhou) Automotive Processing Center, founded in August 2003, was the subcompany of one of the world's largest steel companies, Pohang Iron and Steel Co (POSCO). Covering an area of 125,000 square meters, the company's investment totals $130 million with $45 million as registered capital.

The company focuses on producing corrosion-resistant coated plates and new alloy materials of high strength and tension. Most of its products go to Shanghai-Volkswagen, Shanghai General Motors, Zhejiang Geely, Xi'an BYD, and Nanjing Ford. In 2012, its revenue exceeded 2.3 billion yuan ($376 million), realizing 39.04 million yuan in taxes and profits. Revenue in 2013 is expected to hit 2.4 billion yuan.