Nippon Steel considers JV with Shanghai Baoshan
Japanese steelmaker Nippon Steel officials announced that they are in negotiations with major Chinese mill Shanghai Baoshan Iron and Steel to jointly make steel sheet for
automotive industry in
China. The target markets are Japanese and European
automotive manufacturers producing in
China.
The project covers a joint venture to be established in Shanghai to build and operate a new cold rolled steel sheet plant. A respective agreement is set to be signed by both parties on July 22. The joint venture, intended to be controlled equally by both companies, is planned to start operation at the beginning of 2005.
Estimated investment is around Yen 100 billion at the first stage ($850.3million).