Skip navigation
Newswire

Japan's JFE to form steel sheet JV in Guangzhou

HONG KONG, Sept 18 (Reuters) - JFE Holdings Inc , the world's fourth largest steel maker, is forming a joint venture to produce steel sheets in Guangzhou, China, the city government said on Thursday.

Guangzhou Iron and Steel Enterprises Group and JFE will sign a venture agreement on Monday in Guangzhou, the Guangzhou government said.

The venture, Guangzhou JFE Steel Sheets Co Ltd, will be set up in the city's newly developed industrial zone of Nansha, the government said in a news invitation.

No financial details were provided.

In July, a senior Guangzhou official told Reuters that the city was in talks to form a Sino-foreign joint venture to produce steel sheets to support the city's booming auto manufacturing industry.

Japanese car makers, including Honda Motor Co and Nissan Motor Co , are producing sedans in Guangzhou through joint ventures with their Chinese partners.

Toyota Motor Corp , Japan's largest carmaker, is also waiting for Beijing's approval to form an auto joint venture in Guangzhou.