Nisshin Steel Co. said a Chinese joint venture will strengthen its cold-rolled stainless steel production to 600,000 tons a year, one of the world's highest levels, by the end of 2005.
The joint venture, Ningbo Baoxin Stainless Steel Co., will spend a total of around $450 million on the production increase.
The joint venture is owned 66 pct by the Chinese side including Shanghai Baosteel Group Corp. and 34 pct by Nisshin Steel, Mitsui & Co. and Hanwa Co. .
It began operations in 1998 with an annual production capacity of 80,000 tons. It aims to increase its annual capacity to 240,000 tons by the end of the current business year from 160,000 tons at present.Latest from Recycling Today
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