The joint venture (JV) for the production of tin-coated plate planned by Wuhan, Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Company (WISCO) and Japanese steelmaker Nippon Steel is expected to come on stream in the summer of 2013 with an annual capacity of 20,000 mt of plate and 20,000 mt of tin-coated plate, WISCO has stated.
WISCO and Nippon Steel will each invest RMB 1.85 billion ($283.7 million) in the JV, with each holding a 50 percent stake.
As previously reported by SteelOrbis, towards the end of April Nippon Steel and WISCO agreed to establish a joint venture named WISCO-Nippon Steel Tinplate Co., Ltd in Wuhan City, Hubei Province, China, for the manufacture and sale of tinplates.
With this move, the two companies are targeting to respond to tinplate demand in China's mid-western region, which is expected to gather strength in the future.