Nippon, Baoshan eye tieup<\/p>\n
TOKYO (AFP): Nippon Steel Corp. has entered into tie-up talks
\nwith Baoshan Iron and Steel Co. of China on a joint venture to
\nmake automobile steel sheets, a report said Wednesday.<\/p>\n
The Japanese firm's president Akira Chihaya and Baoshan
\nChairwoman Xie Qihua reached an agreement in June to deepen
\ncooperation in production and development, the Nihon Keizai
\nShimbun said.<\/p>\n
The partners hoped to sign a formal agreement by the end of
\n2001, the business daily said.<\/p>\n
The pair planned to start constructing the plant in Shanghai
\nas early as in 2002 and kick off the production in 2004, with a
\ncapital estimated at 20 billion yen to 30 billion yen (US$160
\nmillion to $240 million), it said.<\/p>\n
The deal would enable Japan's biggest steelmaker to gain a
\nfoothold in China, where demand for steel products is expected to
\ngrow.<\/p>\n
It would mark the latest international partnership for Nippon
\nSteel, which has forged ties with South Korea's Pohang Iron and
\nSteel Co. and Usinor SA of France.<\/p>",
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