BEIJING (Reuters) – China’s largest listed steelmaker Baoshan Iron and Steel Co (Baosteel) will acquire the 50% share held by Japan’s Nippon Steel in their automotive steel sheet joint venture.
In a document filed to the Shanghai Stock Exchange on Tuesday Baosteel said the company’s board of directors had approved the proposal for the acquisition of the 50% stake in Baosteel-Nippon Steel Automotive Steel Sheets (BNA) for 1.758 billion yuan ($241.67 million).
Nippon Steel will dissolve its joint venture with Baosteel, slashing the Japanese company’s steel production capacity in China by 70%, the Nikkei business daily reported on Tuesday.
($1 = 7.2745 Chinese yuan)
(Reporting by Amy Lv and Farah Master; Editing by Kirsten Donovan)
