China's Baosteel to buy out Nippon Steel's 50% stake in auto steel venture
China’s Baosteel says it will acquire Nippon Steel’s 50% stake in their auto steel joint venture for about $242 million
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
China’s Baosteel said Tuesday that it will acquire Nippon Steel’s 50% stake in their auto steel joint venture for about $242 million.
The contract for the joint venture, Baosteel Nippon Steel Automotive Steel Sheets, was due to expire on July 30.
Demand for steel in China has weakened as the auto industry transitions to electric vehicles.
The Japanese newspaper Nikkei said Nippon Steel intends to focus elsewhere, such as on its contested bid for U.S. Steel.
Baosteel’s share price fell 2.5% on Tuesday. Nippon Steel’s shares were up 0.3%.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.