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** South Korean steel maker Posco said it hasagreed to set up a steel plant jointly with China's ChongqingIron & Steel Co, hoping strong demand from theworld's biggest steel consumer will offset weak sales at home.The 50:50 venture, to be built in Chongqing in western China,will have annual production capacity of 3 million tons. The twofirms also agreed to consider setting up a joint ventureproducing auto steel sheets, POSCO said.
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