Nippon Steel has agreed to transfer its entire stake in the joint venture Baosteel-Nippon Steel Automotive Steel Sheets Co., Ltd. (BNA) to Baosteel at the end of the current management period, pending regulatory approvals and other closing conditions, according to a press release from the Japanese steel producer.
Baosteel announced separately that it will acquire Nippon Steel’s 50pct stake in the auto steel joint venture for approximately USD 242 mln. Established in 2004, BNA was a joint venture between Nippon Steel and China’s Baoshan Iron & Steel Co., Ltd. (Baosteel), focused on manufacturing and selling cold-rolled and hot-dip galvanized steel sheets for the automotive industry in China. The management period of BNA will end on August 29, 2024.
