Kobe Steel, Angang Steel Form Joint Venture
Kobe Steel Ltd. and China’s Angang Steel Co. Ltd., a leading subsidiary of Anshan Iron & Steel Group Complex, will establish a joint venture in China to produce and sell advanced cold-rolled high-strength steel sheet for automobiles. The new company, to be called Kobelco Angang Auto Steel Co. Ltd., will construct a continuous annealing line with a production capacity of 600,000 metric tons per year within Angang’s steelworks in Anshan, Liaoning Province. Production is scheduled to begin in early 2016. The continuous annealing line will make cold-rolled high-strength steel with a tensile strength of 590 MPa or higher. Angang, which will own 51% of the joint venture, will supply the substrate coils.