BAOSTEEL LIFTS AUTOMOTIVE STEEL OUTPUT, WITH NIPPON STEEL
AsiaInfo Services, October, 2007
AsiaInfo Services 10-15-2007 Baosteel Lifts Automotive Steel Output, with Nippon Steel SHANGHAI, Oct 15, 2007 (SinoCast via COMTEX) -- Shanghai-headed Baosteel Group creates a joint venture with Nippon Steel Corporation and ArcelorMittal in China in a bid to increase the automotive steel sheet output. The Chinese group holds a 50% stake in the venture, while the Japanese and US partners respectively own 38% and 12%.
The new company will produce and supply high-grade galvanized-alloy thin steel sheet to Japanese automakers operating in China, sourced said. Now, the domestic auto steel sheet prices have lagged behind the increases of the construction-grade steel in China, as the government encouraged steelmakers to expand output of auto steel. Owing to the...
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