[Industry News]: Nippon Steel withdraws from its joint venture with Baosteel in China
125,046 
July 24, 2024, 10:46 AM Japan Steel has decided to end its 20-year cooperation with Baosteel Co., Ltd. On July 23, Baosteel Co., Ltd., a subsidiary of China Baowu, announced the approval of the "Proposal on the Acquisition of 50% Equity of Baosteel Nippon Steel Automobile Plate Co., Ltd." Baosteel Nippon Steel Automobile Plate Co., Ltd.(hereinafter referred to as Baori Automobile Plate) was established in 2004 with a registered capital of 3 billion yuan, half of which is funded by Baosteel and Nippon Steel. Its main business scope is the production and sale of cold-rolled steel plates and hot-dip galvanized steel plates for automobiles and automobile parts.
According to the announcement, the operating period of Baori Automobile Plate will expire on August 29 this year. After consultation between Baosteel Co., Ltd. and Japan Steel Co., Ltd., Baosteel Co., Ltd. will acquire 50% of the equity of Baori Automobile Plate held by Japan Steel Co., Ltd. for 1.758 billion yuan. After the acquisition, Baori Automobile Plate will become a wholly-owned subsidiary of Baosteel Co., Ltd., and Japan Steel Co., Ltd. has withdrawn its joint venture business with Baosteel Co., Ltd. On the same day, Japan Steel also announced the above news on its official website. Nippon Steel is Japan's largest steel manufacturer, with production capacity in more than 15 countries around the world. With the iron-making business as its core, the company simultaneously promotes engineering business, chemical and materials business, system solutions business and other fields. (Interface News)