UPDATE 1-Nippon Steel, Wuhan Steel plan China tin plate JV
Reuters
Published Apr 22, 2011 02:50AM ET
* Total investment for 50/50 joint venture at $293 mln
* JV to have 400,000 tpy annealing and processing line
* JV to have 200,000 tpy electrolytic tinning line (Adds details)
TOKYO, April 22 (Reuters) - Japan's Nippon Steel , the world's No.4 steelmaker, said on Friday it will set up a joint venture with China's Wuhan Iron & Steel Co Ltd with total investment of 24 billion yen ($293 million) to make and sell tin plate in China.
Nippon Steel and Wuhan Steel, China's third-largest steelmaker, will each take a 50 percent stake in the venture, which is slated to start operation in the summer of 2013.
The entity, which will be located in Wuhan City in China's eastern Hubei Province, plans to have a 400,000 tonnes a year continuous annealing and processing line, as well as a 200,000 tonnes per year electrolytic tinning line.
Tin plate is used to make cans for food and beverages. ($1 = 81.845 Japanese Yen) (Reporting by James Topham; Editing by Chris Gallagher)
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