Arcelor joins Baosteel-Nippon's Chinese steel JV

Newswire

SHANGHAI, Dec 23 (Reuters) - Arcelor , the world's top steel maker, has agreed to join a 6.5 billion yuan ($785.3 million) venture with China's Baosteel and Nippon Steel to supply flat steel to the Chinese auto sector, the mainland steel maker said Tuesday. Baosteel will hold 50 percent of the venture, while Nippon and Arcelor will own 38 percent and 12 percent respectively. The plant, to be based in Shanghai, will have a capacity of 1.7 million tonnes of steel per year and will begin to ...

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