Mitsui to build coil center with Chinese firms
Japanese Mitsui & Co reportedly signed an agreement with Chinese car manufacturer
China Faw Group and Chinese steel producer Anshan Iron and Steel Group to build a joint venture steel coil center that will produce automobile steel sheet in ZhangChun City,
China.
The joint venture will make an initial capital investment of Yuan 92 million ($11.1 million).
While Anshan Iron and Steel will hold a 50% share in the joint venture, Mitsui & Co and
China Faw Group will hold 25% each.
The coil center, which will produce 200'000 tons of sheet per annum, is expected to be operational in April 2006.