China’s Baosteel says it will acquire Nippon Steel’s 50% stake in their auto steel joint venture for about $242 million. The contract for the joint venture, Baosteel Nippon Steel Automotive Steel Sheets, was due to expire on July 30.
FILE - Nippon Steel Corporation’s logo is displayed on a sign outside its headquarters in Tokyo on Nov. 26, 2021. China ’s Baosteel said Tuesday that it will acquire Nippon Steel’s 50% stake in their auto steel joint venture for about $242 million. BANGKOK — China ’s Baosteel said Tuesday that it will acquire Nippon Steel’s 50% stake in their auto steel joint venture for about $242 million.
The contract for the joint venture, Baosteel Nippon Steel Automotive Steel Sheets, was due to expire on July 30. The venture between Baosteel and Nippon Steel combined Japan’s advanced technology with the promise of the huge and fast-growing Chinese market. But demand for steel has weakened in China as the auto industry transitions to electric vehicles and as property construction has languished during an industry downturn. Japanese automakers are the venture’s main customers, and they are contending with fierce competion in the Chinese market.
Originally, Baosteel held 50% of the venture with Nippon Steel and the Japanese partner held 38%, with Westerm European maker Arcelor, now part of ArcelorMittal, holding 12%. Nippon Steel later acquired that to hold a 50% share in the 20-year-old joint venture.
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