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Nippon, HANWA Invest in Electro-galvanized Steel Sheet Manufacturer
12/18/2009 - Nippon Steel and HANWA have reached an agreement with Tatt Giap Group to acquire 10 and 15%, respectively, of the voting shares in E-Galv Steel from its largest shareholder, Tatt Giap Steel Centre, around the end of December.
Nippon Steel Corp. and HANWA Co., Ltd. have been in discussion with Tatt Giap Group since July 2009 on possible investment in and stable supplies of cold-rolled steel substrates to E-Galv Steel Industries Sdn. Bhd., a Malaysian manufacturer of electro-galvanized steel sheets.
Nippon Steel and HANWA have now reached an agreement with Tatt Giap Group to acquire 10 and 15%, respectively, of the voting shares in E-Galv Steel from its largest shareholder, Tatt Giap Steel Centre, around the end of December 2009.
Demand for electro-galvanized steel sheets is expected to grow steadily in Malaysia, according to Nippon.
By investing in E-Galv Steel, Nippon Steel and HANWA intend to build a supply structure for electro-galvanized steel sheets capable of satisfying the quality requirements of Malaysian customers, including Japanese home appliance manufacturers in Malaysia.
Nippon Steel and HANWA have now reached an agreement with Tatt Giap Group to acquire 10 and 15%, respectively, of the voting shares in E-Galv Steel from its largest shareholder, Tatt Giap Steel Centre, around the end of December 2009.
Demand for electro-galvanized steel sheets is expected to grow steadily in Malaysia, according to Nippon.
By investing in E-Galv Steel, Nippon Steel and HANWA intend to build a supply structure for electro-galvanized steel sheets capable of satisfying the quality requirements of Malaysian customers, including Japanese home appliance manufacturers in Malaysia.
The companies also hope to capture steel demand, mainly for home appliances, in Malaysia through stable supply of cold-rolled steel substrates to E-Galv Steel and through possible technical assistance as necessary.
E-Galv Steel plans to change its name to Nippon EGalv Steel Sdn. Bhd. after Nippon Steel and HANWA complete their investment.
E-Galv Steel plans to change its name to Nippon EGalv Steel Sdn. Bhd. after Nippon Steel and HANWA complete their investment.
