Mexican steelmaker Deacero said it has formed a JV with an undisclosed Japanese investor to produce steel wire for the automotive industry, Mexico’s El Financiero said, quoting a company executive.
Raul Muguerza, CEO at Deacero, said the local automotive industry has been importing large amounts of steel.
“Auto parts manufacturers are setting up their presence in Mexico to supply the automotive industry, which demands our products,” he said.
Deacero did not name the Japanese investor, nor the stake it will have in the project.