Nippon Steel divests stake in Chinese tinplate producer PATIN

Thursday, 28 January 2021 10:37:11 (GMT+3)   |   Istanbul
       

Japan-based Nippon Steel Corporation has announced that it has transferred its 25 percent equity investment in Chinese tinplate producer Guangzhou Pacific Tinplate Co. Ltd., (PATIN) to Chinese company Guangzhou Hi-tech Investment Group Co. Ltd., its business partner in PATIN. The company stated that it has withdrawn from the business.

The company’s decision is based on the expectation that the Huangpu district of Guangzhou, in which PATIN operates, is to undergo major changes due to upcoming urban development plans.

Nippon Steel will continue to participate in China’s tinplate industry through China-based WISCO-NIPPON STEEL Tinplate Co., Ltd.


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