China’s Baoshan Iron and Steel Company Ltd. (Baosteel) and the Tokyo-based Nippon Steel Corp. sign a letter of intent to begin joint development. The two steel powerhouses plan to jointly develop a cold-rolled strip mill, which now is under construction to produce 1,800-mm (71-in.) cold-rolled steel. The mill is expected to cost RMB6.5 billion ($785 million). Baosteel will hold a 50% share while the rest will be held by foreign partners. Nippon Steel will control up to 35% of total ...

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