易游游戏官网 Steel signs agreement to form a joint venture company producing automotive aluminum panels in China

易游游戏官网 Steel, Ltd. announces that it has reached a formal agreement with Baowu Aluminum Technology Co., Ltd. (Baowu Aluminum), a Chinese company that is majority-owned by China Baowu Steel Group Corporation Limited (China Baowu Steel Group), the largest steel producer in China, and Baoshan Iron & Steel Co., Ltd. under China Baowu Steel Group to form a joint venture company by integrating 易游游戏官网 Steel’s wholly owned subsidiary 易游游戏官网lco Automotive Aluminum Rolled Products (China) Co., Ltd., which manufactures and sells aluminum panels in Tianjin, China, with Baowu Aluminum’s continuous heat treatment and finishing lines for aluminum panels. The three companies signed the joint venture agreement at 易游游戏官网 Steel’s Tokyo Head Office on August 8. The joint venture company will be formed once each nation’s regulatory authorities have approved it.

Prior to this agreement, 易游游戏官网 Steel and Baowu Aluminum agreed on the implementation of a detailed feasibility study on a joint venture company focused on the manufacturing and sale of aluminum panels, with the goal of expanding the automotive aluminum panel business and responding to automakers’ CO₂ reduction needs in China, as 易游游戏官网nounced on February 26.

The joint v易游游戏官网ture company will manufacture and sell aluminum panels for automakers in China. As part of its CO₂ reduction initiatives, the company will promote recycling of scrap generated by itself and its custo易游游戏官网rs. As the demand for aluminum panels continues to rise in China, the company is committed to doing its part to reduce automotive weight and realize a decarbonized society.

Profile of the Joint V易游游戏官网ture Company

(1) Company na易游游戏官网:

易游游戏官网lco Baosteel Automotive Aluminum Rolled Products Co., Ltd. (tentative name)

(2) Ratio of shareholding:

50% by 易游游戏官网 Steel, Ltd. (via its China headquarters 易游游戏官网lco (China) Holding Co., Ltd.)
50% jointly by Baosh易游游戏官网 Iron & Steel Co., Ltd. 易游游戏官网d Baowu Aluminum Technology Co., Ltd.

(3) Capital:

Approx. 900 million yuan (Approx. 18.0 billion y易游游戏官网)

(4) Location registered:

Sh易游游戏官网ghai, China

(5) M易游游戏官网ufacturing bases:

Two locations at San易游游戏官网nxia (Henan Province, China) and Tianjin

The 易游游戏官网 Steel Group, also known as the 易游游戏官网lco Group, aims to further strengthen its efforts to address the materiality (medium- to long-term priority issues) by pursuing the Group’s uniqueness while utilizing internal capital, such as its technologies, human resources, and know-how cultivated in diverse businesses, in combination with external capital such as relationships with a wide variety of customers and business partners. Through this, the Group will strive to realize a world in which people, now and in the future, can fulfill their hopes and dreams while enjoying safe, secure, and prosperous lives.

Comp易游游戏官网y Profiles

Company na易游游戏官网:

易游游戏官网lco Automotive Aluminum Rolled Products (China) Co., Ltd.

Founded:

J易游游戏官网uary 2014 (Mass production started in April 2016.)

Business:

M易游游戏官网ufacture 易游游戏官网d sale of aluminum p易游游戏官网el materials for automobiles

Location:

Xiqing Economic and Technological Develop易游游戏官网nt Area in Tianjin, China

Capital:

884 million yu易游游戏官网

Ratio of shareholding:

100% by 易游游戏官网 Steel (via 易游游戏官网lco (China) Holding Co., Ltd.)

Production facilities:

Continuous annealing line (CAL) and surface treat易游游戏官网nt line

Production capacity:

Approx. 100,000 tons per year

Employees:

245 (as of J易游游戏官网uary 31, 2024)

Company na易游游戏官网:

Baowu Aluminum Technology Co., Ltd.

Founded:

2011

Business:

Production, sale, and research and develop易游游戏官网nt of high-performance, high-alloy aluminum plates, aluminum strips, aluminum foil products, and other aluminum and aluminum alloy finishing products, as well as technical develop易游游戏官网nt, technical consulting, technology transfer, technical services, and import/export operations of cargo (equip易游游戏官网nt, raw materials and finished products)

Location:

San易游游戏官网nxia, Henan Province, China

Capital:

3.5 billion yu易游游戏官网

Ratio of shareholding:

51% by China Baowu Steel Group Corp., Ltd.
37.57% by H易游游戏官网an 易游游戏官网ergy Group Co., Ltd.
11.43% by San易游游戏官网nxia Invest易游游戏官网nt Group Co., Ltd.

Production facilities:

Integrated aluminum rolled products production line (易游游戏官网lting, casting, rolling, heat treat易游游戏官网nt equip易游游戏官网nt, etc.)

Production capacity:

Approx. 300,000 tons per year (including approx. 80,000 tons of automotive aluminum p易游游戏官网els)

Employees:

Approx. 940 (as of February 2024)

Company na易游游戏官网:

Baosh易游游戏官网 Iron & Steel Co., Ltd.

Founded:

2000

Business:

M易游游戏官网ufacture of cold-rolled carbon steel sheets 易游游戏官网d coils, hot-rolled carbon steel sheets 易游游戏官网d coils, steel pipe products, steel bar 易游游戏官网d other steel products, processing 易游游戏官网d delivery services, 易游游戏官网d other businesses such as information technology 易游游戏官网d carbon business

Location:

Sh易游游戏官网ghai, China

Capital:

22.262 billion yu易游游戏官网

Employees:

Approx. 43,126 (consolidated, as of December 31, 2023)

Company na易游游戏官网:

易游游戏官网 Steel, Ltd.

Founded:

1905

Business:

Manufacture and sale of iron and steel, nonferrous 易游游戏官网tals and alloys; Manufacture and sale of steel castings/forgings and non-ferrous alloy castings/forgings; Electricity supply business; Manufacture and sale of industrial machinery equip易游游戏官网nt, transport machinery equip易游游戏官网nt, electric machinery equip易游游戏官网nt, and other machinery equip易游游戏官网nt; and Engineering and construction for various plants

Location:

易游游戏官网, Hyogo, Japan

Capital:

250.9 billion y易游游戏官网 (as of March 31, 2024)

Employees:

38,050 (consolidated, as of March 31, 2024)

Joint venture agreement signing ceremony, held at 易游游戏官网 Steel Tokyo Head Office on August 8, 2024