China's Baosteel Group Co. Ltd. and Japanese Nippon Steel Co.
co-invested in a manufacturing line capable of annually producing
450,000 tons of zinc plates, China Business News reported
on November 6.
The two companies also revealed they will jointly participate in
a dust and waste recycling project on November 5, marking the 30th
anniversary of their cooperation.
Baosteel, the world's fifth largest steel manufacturer and
Nippon, the second largest global steel producer, plan to raise the
annual production capacity of their co-invested Baosteel Nippon
Auto Plate Co Ltd in Shanghai to 1.25 million tons by 2010, soaring
50 percent compared with current capacity.
This will enable the company to become the biggest auto plate
producer in China, China Business News reported. Baosteel
owns a major 50 percent share of the company, while Nippon has a 38
percent stake.
Industrial insiders believe the cooperation will help the two
companies resist acquisition from ArcelorMittal, the worlds'
largest steel maker. Baosteel Chairman Xu Lejiang said the group
has considered issuing cross-shares with its Japanese partner when
Baosteel completes its listing on the overseas market.
For more details, please read the full story in Chinese. (
http://www.china-cbn.com/s/n/000004/20071106/020000059435.shtml)
(China.org.cn November 6, 2007)
