Nippon Steel, Wuhan Iron to Establish Joint Venture in China

Bloomberg reports that Nippon Steel Corp. (TYO:5401) and Wuhan Iron & Steel Group (SHA:600005) will invest 24 billion yen ($293 million) to set up a tinplate venture in China.

The market news is quoted as saying,

The 50:50 venture will commence operations in the summer of 2013, Nippon Steel said today in a statement. The plant, using Wuhan Steel’s semi-processed steel, will have an annual capacity of 200,000 metric tons a year of tin plates.

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