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BAOSHAN, NSC, AND ARCELOR TO SET UP AUTOMOTIVE STEEL SHEET JV

AsiaInfo Services, December, 2003

AsiaInfo Services 12-30-2003 Baoshan, NSC, and Arcelor to Set up Automotive Steel Sheet JV SHANGHAI, Dec 30, 2003 (SinoCast via COMTEX) -- On December 24, 2003, Shanghai-based Baoshan Iron and Steel Co., Ltd (Baoshan) signeda joint venture (JV) agreement with the world's two iron and steel giants, Japan-based Nippon Steel Corporation (NSC) and France-based Arcelor.

According to the agreement, the three sides will set up an automotive steel sheet plant, which will specialize in making 1,800 milimeters cold rolled steel sheets. At present, the Chinese automotive market grows and prospers. China's carmakers demand a lot of higher-quality automotive steel sheets. However, due to the defects of technologies and output, China has to import 50% of its total automotive...

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