UPDATE 1-Arcelor joins Baosteel-Nippon $785 mln China steel JV

Newswire

(Adds quotes, details) SHANGHAI, Dec 23 (Reuters) - Arcelor , the world's top steel maker, has agreed to join a $785 million venture with China's Baosteel and Nippon Steel to supply flat steel to a booming Chinese auto sector, the companies said Tuesday. Baosteel will hold half of the 6.5 billion yuan ($785.3 million) venture, while Nippon and Arcelor will own 38 percent and 12 percent respectively, three of the world's five largest makers of the metal said in a joint statement. The ...

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