Japan-based Kobe Steel has teamed up with Jiangsu ALCHA Aluminium in China to kick off an aluminum production plant in Baotou, Inner Mongolia, China, to produce and market aluminum coil and sheet for automobiles and beverage cans.
Under the deal, the major chunk of joint venture will be owned by Kobe Steel with 80% ownership, while rest of 20% will be vested with Alcha.
Both firms have agreed to invest nearly RMB2bn ($315.2m), which is expected to start the production in 2015.
The firms said that activities of the proposed joint venture will inlcude melting, casting, hot rolling and cold rolling, and the unit will produce nearly 200,000mt of aluminum coil and sheet, annually.
Both firms have plans to install equipment to produce aluminum coils.
Kobe Steel said that formation of the new joint venture with ALCHA will help meet China's rapidly rising demand for aluminum sheet.
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