Nippon Steel, Arcelor, Baosteel to raise China output
Nippon Steel agreed with Arcelor Mittal and Baosteel Group to increase production of automotive steel sheets at their venture in China.
By Agencies |
TOKYO: Nippon Steel agreed with Arcelor Mittal and Baosteel Group to increase production of automotive steel sheets at their venture in China.
A study would be completed to determine details of the expansion, Nippon Steel President Akio Mimura told reporters today. China's economy has grown by an average 9 per cent a year in the past decade, making car ownership affordable for more people.
The venture, Baosteel-Arcelor Automotive Steel Sheet in Shanghai, which produces about 800,000 tonnes of automobile steel, will spend as much as 251 million dollar on the output increase and may double capacity.
JFE Steel, Japan's second-biggest steelmaker, is also increasing its presence in China. The unit of JFE Holdings and Guangzhou Iron and Steel Enterprise Holdings will spend 500 million dollar to double the capacity of their galvanised steel sheet venture and build a cold-rolled steel plant in China.
A study would be completed to determine details of the expansion, Nippon Steel President Akio Mimura told reporters today. China's economy has grown by an average 9 per cent a year in the past decade, making car ownership affordable for more people.
The venture, Baosteel-Arcelor Automotive Steel Sheet in Shanghai, which produces about 800,000 tonnes of automobile steel, will spend as much as 251 million dollar on the output increase and may double capacity.
JFE Steel, Japan's second-biggest steelmaker, is also increasing its presence in China. The unit of JFE Holdings and Guangzhou Iron and Steel Enterprise Holdings will spend 500 million dollar to double the capacity of their galvanised steel sheet venture and build a cold-rolled steel plant in China.
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