Arcelor and Baosteel welded blank JV proceeds

Arcelor and Baosteel welded blank JV proceeds

World's biggest steelmaker Arcelor and Chinese steel producer Baosteel last week signed an agreement to establish a new tailor welded blank (TWB) plant through a joint venture. The joint venture, to be located in Shanghai Anting International Automobile City, the industry park for spare parts, will utilize raw materials supplied by Baosteel and use the technology of Arcelor. Baosteel will hold 75% stake of the joint venture while the balance 25% will be Arcelor's. At the initial phase, the plant will have an annual capacity of 2 million tailor welded blanks with an investment of around Yuan 245 million.