Nippon and Sumitomo form a joint venture named NSSC

Nippon and Sumitomo form a joint venture named NSSC

Japan's largest steel producer Nippon Steel Corp. and fourth largest steelmaker Sumitomo Metal Industries Ltd. (SMI) announced that they have signed an agreement to integrate their stainless steel operations under a joint venture with a operating capital of Yen 5 billion. It is stated that this action will serve to the aim to facilitate their production, management and marketing activities. 80% of the new firm to be named Nippon Steel Sumikin Stainless Corp. (NSSC) will be owned by Nippon and 20% by Sumitomo, will have a stainless steel product capacity of around 1 million tons per annum with annual sales Yen 150 billion expected. NSSC, to be based in Tokyo, will be founded on October 1, 2003.