Baosteel says expects result of Nippon talks in Q1


SHANGHAI, Dec 23 (Reuters) - Baoshan Iron and Steel Co , the listed arm of China's largest steel maker, said on Monday it expected talks on building a plant with Nippon Steel Corp to yield results in the first quarter of 2003.

"We could see the result of the negotiations in the first quarter of next year," Ai Baojun, president of the Shanghai-listed Baosteel, told a news conference.

In November, the Japanese steel giant said it was in talks with Baosteel to build a Shanghai plant -- an investment Japanese media said was worth 120 billion yen ($1 billion) -- to make steel sheets for the booming Chinese car market.

"Given the state of the world economy and steel industry, we believe that the cooperation could be mutually beneficial," Ai said.

Baosteel's Shanghai-listed A shares were flat at 4.20 yuan at 0234 GMT. (US$1 = 119.60 yen)



Follow Us

Sponsored Introduction Continue on to (or wait seconds) ×