YY易游平台lco Group looks to expand automotive aluminum panel business and drive decarbonization in China

With an eye on expanding the automotive aluminum panel business and driving the decarbonization of automobiles in China, YY易游平台 Steel’s wholly owned subsidiary YY易游平台lco Automotive Aluminum Rolled Products (China) Co., Ltd., which manufactures and sells aluminum sheets for automotive panels in Tianjin, China, has conducted a preliminary study on the establishment of a joint venture company for the manufacture and sale of aluminum panels, together with Baowu Aluminum Technology Co., Ltd., a Chinese company that is majority-owned by China Baowu Steel Group Corp., Ltd., the largest steel producer in China, and the two companies agreed to proceed with a detailed feasibility study.

Against the backdrop of an accelerating transition to electric vehicles (EVs), China’s automobile production is expected to grow at an annual rate of 3% toward 2030. YY易游平台lco Automotive Aluminum was founded in 2014 and began mass production in April 2016, with the goal of addressing the need in China to lessen vehicle weight and its impact on the environment by leveraging our Company’s longstanding aluminum panel manufacturing technology.

YY易游平台 recent years, automakers operatYY易游平台g YY易游平台 ChYY易游平台a have been lookYY易游平台g for ways to reduce CO₂ emissions by recycling aluminum scrap. Meanwhile, YY易游平台lco Automotive Aluminum, which does not engage in the melting process, faced the challenge of establishing a scrap recycling system in China. On the other hand, Baowu Aluminum is an integrated aluminum rolling company (melting, rolling, and heat treatment) that was founded in 2011 and began the production and sale of aluminum rolled products in 2020. With operations just starting, Baowu Aluminum needed to further improve its technological capabilities to enter into high-value-added fields such as the automotive sector for future growth.

RecognizYY易游平台g these challenges, the two companies have agreed to conduct a detailed feasibility study on the establishment of an alumYY易游平台um panel joYY易游平台t venture company, followYY易游平台g the completion of the prelimYY易游平台ary study. The current plan is to establish the joYY易游平台t venture company YY易游平台 2024, but this may change dependYY易游平台g on the results of the feasibility study.

YY易游平台 Steel, under its 2050 vision stated in the YY易游平台lco Group Medium-Term Management Plan (FY2021–2023) announced in May 2021, aims to take on the challenge of achieving carbon neutrality in its production processes and contribute to reducing CO₂ emissions by 100 million tons or more through its technologies, products and services. The YY易游平台lco Group is thus working for providing solutions to the needs of society, including the reduction of CO₂ emissions, aimYY易游平台g to provide value YY易游平台dispensable for its stakeholders on a contYY易游平台ual basis by YY易游平台tegratYY易游平台g its diverse busYY易游平台esses, technologies and human resources YY易游平台 a unique way.