ArcelorMittal launches automotive joint venture
The JV would have an annual production capacity of 1.2 million tons of flat carbon steel, mainly for automotive applications. Challenges for India | All Headlines
By PTI |
LONDON: Global steel player ArcelorMittal on Friday said it has joined hands with Hunan Valin Group and Hunan Valin Steel to launch an industrial and commercial automotive joint venture named Valin ArcelorMittal Automotive Steel.
While China's Shenzhen Stock Exchange-listed Hunan Valin Steel would own 34 per cent in the new JV, ArcelorMittal and Hunan Valin Group would have 33 per cent equity share each, a statement from ArcelorMittal said.
However, setting up of the new JV is subject to regulatory approval, it added.
The JV would have an annual production capacity of 1.2 million tons of flat carbon steel, mainly for automotive applications. Other products of the company would include cold-rolled steel, galvanised steel and pure zinc galvanised steel.
While China's Shenzhen Stock Exchange-listed Hunan Valin Steel would own 34 per cent in the new JV, ArcelorMittal and Hunan Valin Group would have 33 per cent equity share each, a statement from ArcelorMittal said.
However, setting up of the new JV is subject to regulatory approval, it added.
The JV would have an annual production capacity of 1.2 million tons of flat carbon steel, mainly for automotive applications. Other products of the company would include cold-rolled steel, galvanised steel and pure zinc galvanised steel.
| | | Also Read |
| | �� | |
| | �� | |
| | �� | |
| | �� |
The new activity would be located in Hunan Province in China next to Valin Steel's subsidiary Lianyuan Steel, which would supply hot-rolled coil to the new joint venture.
Commenting on the JV, ArcelorMittal Chairman and CEO Lakshmi Mittal said, "The automotive joint venture is part of our global and China strategy, aiming to serve both our global as well as domestic automotive clients by offering high value added products with the support of ArcelorMittal technology."
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
