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Nippon Steel Sells Stake in Chinese JV
07/23/2024 - Japan’s Nippon Steel Corp. is pulling out of its Chinese joint venture with Baoshan Iron & Steel, ending a 20-year relationship.
“Japanese automakers, Nippon Steel's main customers, are struggling in China due to the rise of local electric vehicle makers.
Nippon Steel has concluded that it would be difficult to expand its business there, and instead will concentrate its investment resources in the U.S. and India,” Nikkei Asia reported.
Nippon is selling all of its shares to Baoshan for the equivalent of US$241 million, the publication said.
You can read more here.
Nippon Steel has concluded that it would be difficult to expand its business there, and instead will concentrate its investment resources in the U.S. and India,” Nikkei Asia reported.
Nippon is selling all of its shares to Baoshan for the equivalent of US$241 million, the publication said.
You can read more here.
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