Tsingshan Is Said to Buy Posco Stainless Steel Mill in China

Tsingshan Holding Group Co. has agreed to buy a majority stake in a stainless steel mill in the eastern Chinese province of Jiangsu from South Korea’s Posco Holdings Inc.for roughly $300 million, according to people familiar with the matter.

Tsingshan, a Chinese industrial conglomerate, will take an 82.5% holding in Posco Zhangjiagang Stainless Steel Co., the people said, asking not to be named as the information wasn’t public. The Korean company will use the proceeds to invest in the US, India and Indonesia, as reported earlier by Korea Economic Daily.

Posco has been in discussions with multiple prospective ...