Japan's Kobe Steel forms joint venture with China's Angang Steel
Japan's Kobe Steel has established a joint venture with Angang Steel Co., a unit of state-owned Chinese steel maker Anshan Iron & Steel Group Corp., to produce cold-rolled high-strength steel sheet for vehicles built in China.
The 1.8 billion yuan ($290 million) venture will be in the northeast China city of Anshan, where Angang Steel is headquartered.
The joint venture will start production in early 2016, according to Kobe.
The new plant's continuous annealing line will produce up to 600,000 tons of high-strength steel annually. Angang Steel will supply the partnership with steel coils.
Other foreign steelmakers -- including Nippon Steel & Sumitomo Metal Corp., JFE Steel Corp., POSCO and ArcelorMittal -- also have formed joint ventures with Chinese companies to produce automotive steel in China.
The joint venture will start production in early 2016, according to Kobe.
The new plant's continuous annealing line will produce up to 600,000 tons of high-strength steel annually. Angang Steel will supply the partnership with steel coils.
Other foreign steelmakers -- including Nippon Steel & Sumitomo Metal Corp., JFE Steel Corp., POSCO and ArcelorMittal -- also have formed joint ventures with Chinese companies to produce automotive steel in China.
