It is reported that China's Angang Steel Co and Japan's Kobe Steel is partnering to build a new steel plant in China to supply the auto industry. The investment is said to be around US$287 million aiming at the growing demand for automotive sheet metal. The new company to be formed by Kobe and Angang is called Kobelco Angang Auto Steel Co Ltd which is 51% owned by Angang and 49% by Kobe. Meanwhile, the joint venture aims to start production of cold-rolled high-strenght steel sheet in early 2016. Japanese steel makers are increasing their presence in growing markets such as China. Last month Japan's Nippon Steel partnered with China's Baoshan Steel to invest US$180.3 million in auto steel making. Nippon Steel also began production of auto steel pipes in Mexico in May this year, as well as auto steel pipe production in India in June.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=66724&division=A9
