Japan-based Nippon Steel & Sumitomo Metal Corp. (NSSMC) has announced that NS BlueScope Coated Products, its coated products joint venture with Australia-based steel producer BlueScope Steel Limited, has been launched.
BlueScope stated that it has received net proceeds of approximately $540 million from NSSMC for the acquisition of a 50 percent stake in the joint venture.
In August 2012, the companies agreed to establish a joint venture producing coated products (hot dip galvanized sheets, painted sheets, and roll-formed building products) in Southeast Asia and the US.
As SteelOrbis previously reported, the joint venture will have a galvanizing capacity of 1.4 million mt per year, a painting capacity of about 650,000 mt per year and a cold rolling capacity of 800,000 mt per year.