.contact us |.about us
News > Business News ...
Search:
    Advertisement
Arcelor, Nippon steel in $800 million China steel plant venture
( 2003-12-23 16:13) (Agencies)

European steelmaker Arcelor SA said Tuesday it has signed an $800 million agreement with Japan's Nippon Steel and China's Bao Steel to build a new steel plant in Shanghai that will produce 1.7 million metric tons a year.

Your Annual PC Tune-up Rev up your PC for 2004 with our annual tune-up guide, plus must-have free utilities and maintenance tips to keep your PC purring.

In a statement, Arcelor said the facility will produce flat carbon steel for China's booming automobile industry and will include cold rolling and galvanizing operations.

Arcelor said the joint-venture comes within the scope of Arcelor's global strategic alliance with Nippon Steel.

Arcelor will have a 12% equity stake in the company being set up to run the steel mill. Nippon Steel will have a 38% stake, while Bao Steel will control 50% .

Start-up is scheduled for the second quarter of 2005.

Arcelor claims to be the world's largest steel producer. It produce 44 million tons of steel in 2002 and reported revenue of EUR26.6 billion.

 
Close  
   
  Today's Top News   Top Business News
   
+Human rights, private property fixed as pillars
( 2003-12-23)
+Gang leader executed after retrial
( 2003-12-23)
+Concerns spark 9 million jobs scheme
( 2003-12-23)
+China issues white paper on mineral resources policy
( 2003-12-23)
+Private players to be allowed in vaccine sector
( 2003-12-23)
+Arcelor, Nippon steel in $800 million China steel plant venture
( 2003-12-23)
+China, US sign contracts on aluminum trade
( 2003-12-23)
+China Unicom expands assets
( 2003-12-23)
+International auction moves NPLs
( 2003-12-23)
+CAAC: Market to play bigger role in aviation sector
( 2003-12-23)
   
  Go to Another Section  
     
 
 
     
  Article Tools  
     
 
 
     
   
        .contact us |.about us
  Copyright By chinadaily.com.cn. All rights reserved