Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Kobe Steel, Japan's third-biggest steelmaker, said it aimed to expand its automotive aluminium panel business in China through a joint venture with China Baowu Steel Group as a shift to electric vehicles drives demand for new cars. China Baowu, the world's largest steelmaker, via a unit, has agreed to proceed with feasibility study to form a joint venture (JV) with Kobe Steel's local unit, the Japanese company said on Monday, with an aim to set up the business this year.
The deal would allow Kobe Steel to benefit from a forecast 3% annual rise in automobile production in China annually through 2030 due to a shift to EVs, the Japanese company said. China Baowu said on its WeChat account on Friday that it intended to build an automotive aluminium sheet JV with Kobe Steel to accelerate the trend toward lightweight materials in the auto industry.
China is Japan's biggest trading partner but relations between the two major economies have not always been easy. China last year banned imports of seafood from Japan following start of release of treated water from the wrecked Fukushima nuclear power plant.
China's BYD overtook Tesla as the world's biggest EV maker in the fourth quarter of last year, and major US and European auto manufacturers are pushing hard to cut costs under pressure from Chinese competitors. Kobe Steel's announcement comes as the Biden administration is examining rival Nippon Steel's 5401.T China connections in relation to its planned acquisition of American rival US Steel, according to media reports.
Also Read : Massive Chinese Steelmaking Rebound Recorded in March China's top coal mining province sees production 'stabilising'
Singapore, a global aviation hub, has committed to using sustainable aviation fuel (SAF) to power al...
Asia 21-Feb-2024
Bharat Coal Gasification and Chemicals Ltd (BCGCL), a subsidiary company of State-owned Coal India,...
Mid Corporate 28-May-2024
1️⃣ Stricter EU Carbon Rules Pose Challenges for Indian Steel Exports2️⃣ India’s Steel Sector...
Business 31-Mar-2025
As part of the 'Invest in Odisha' initiative, the ACME Group has joined forces with IHI Corporation...
Small Enterprises 23-Jan-2024
According to the Union minister Nitin Gadkari, those coal mines in Maharashtra’s Vid...
Announcement 29-Jan-2024
According to data released by the Commerce and Industry Ministry on Tuesday, eight core industries i...
Press Releases 01-May-2024