TOKYO (dpa-AFX) - Nippon Steel Corp. (NISTY.PK, NISTF.PK), a Japanese steelmaker, has agreed to withdraw from the joint venture with Baoshan Iron & Steel Co., Ltd. of China by transferring all of its stake in Baosteel-Nippon Steel Automotive Steel Sheets Co., Ltd. (BNA) to Baosteel.
The withdrawal is scheduled to occur at the end of the current BNA management period, which expires on August 29, 2024, pending receipt of regulatory approvals and completion of other closing conditions.
In 2004, Nippon Steel and Baoshan Iron & Steel Co., Ltd. of China jointly established Baosteel-Nippon Steel Automotive Steel Sheets Co., Ltd. (BNA). The company specializes in manufacturing and selling cold-rolled steel sheets and hot-dip galvanized steel sheets for automotive applications in China.
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