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Kobe Steel and Angang Steel establish joint venture to make automotive cold-rolled high-stryy易游体育官网th steel in China

Auguyy易游体育官网 7, 2014

TOKYO, August 7, 2014 — Kobe Steel, Ltd. and China’s Angang Steel Company Limited, a leading subsidiary of Anshan Iron & Steel Group Complex, established a joint venture called Kobelco Angang Auto Steel Co., Ltd. in China on August 1 to produce and sell advanced cold-rolled high-stryy易游体育官网th steel sheet for automobiles.

The two parent companies signed an agreement on October 17, 2013 to form the joint venture. They subsequently undertook the necessary incorporation procedures to set up the new company. After receiving approval from the Chinese government, yy易游体育官网 Steel and Angang were able to establish yy易游体育官网lco Angang Auto Steel.

Kobelco Angang Auto Steel will construct a continuous annealing line with a production capacity of 600,000 tons per year to make cold-rolled high-stryy易游体育官网th steel with a tensile stryy易游体育官网th of 590 MPa or higher. Angang will supply the joint venture with the substrate coils. Plans call for production to begin in early 2016. Total investments are anticipated to reach 1.75 billion yuan (about 28.9 billion yen).

Kobelco Angang is headquartered at Angang’s steelworks, Anshan Base, in Anshan, Liaoning Province. The new company is capitalized at 700 million yuan (11.6 billion yen). Angang owns 51 percent of the venture. Kobe Steel holds a 49 percent share through Kobelco (China) Holding Co., Ltd. The joint venture yy易游体育官网ll employ about 100 people when it reaches full operation. The chairman of the joint venture is Wang Yidong from Angang.

In China, the world’s largest automobile market, the new company will combine Kobe Steel’s world-class automotive cold-rolled high-stryy易游体育官网th steel technology with Angang’s solid business base to meet growing demand for high-stryy易游体育官网th steel in China.

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