Chinese, foreign steel producers cooperate in car steel plate manufacturing

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Last updated at: (Beijing Time) Tuesday, December 23, 2003

Chinese, foreign steel producers cooperate in car steel plate manufacturing

China's Baoshan Iron and Steel Co., Ltd. Tuesday signed an agreement with Japan's Nippon Steel Corporation and Europe-based Arcelor to jointly build a steel plate factory for automobile manufacture.

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China's Baoshan Iron and Steel Co., Ltd. Tuesday signed an agreement with Japan's Nippon Steel Corporation and Europe-based Arcelor to jointly build a steel plate factory for automobile manufacture.

The factory will involve a total investment of 6.5 billion yuan(785 million US dollars) for the manufacturing of high-grade auto steel plates.

Under the agreement, Baoshan will take 50 percent of the stakeswhile Nippon takes 38 percent and Arcelor, 12 percent. The term ofcooperation will be 20 years.

To be put into operation in 2005, the 1,800-mm cold rolling strip mill is expected to produce 1.7 million tons of steel platesannually, including 900,000 tons of cold rolled plates and 800,000tons of zinc plates for automobile production.

Private car ownership in China is growing rapidly, which will increase demand for steel. Currently, almost all major car producers in the world have set up manufacturing bases in China.

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