Nippon Steel Pulls Out of JV with Baoshan Iron & Steel

MT Newswires Live07-25

Nippon Steel (TYO:5401) pulled out of its joint venture with Baoshan Iron & Steel after a 20-year run, Yicai Global reported Wednesday.

The Japanese steel giant will divest its stake in the Baosteel-Nippon Steel Automotive Steel Sheets to the Chinese steel company for 1.8 billion yuan on Aug. 29, the report said.

Both companies set up the JV with Luxembourg's Arcelor-Mittal in 2004. After seven years, Arcelor-Mittal sold its 12% stake in the JV to Nippon Steel.

The steel JV had a capacity of 2.2 million tons, smaller than the 12 million ton capacity of Baosteel.

Price (RMB): Â¥3232.00, Change: Â¥-38.00, Percent Change: -1.16%

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