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[Ferro-Alloys.com] Japanese steel manufacturer JFE Steel has secured funds to invest in Chinese speciality steel bar company Baosteel Special Steel Shaoguan (BSSS).
The state-backed Japan Bank for International Co-operation has agreed with JFE Steel to loan $58mn, which will be co-financed with unspecified loans provided by the country's private-sector Mizuho Bank.
The loan is aimed to finance a part of JFE's spending of 686mn yuan ($104mn) to acquire a 50pc stake in BSSS – a wholly owned subsidiary of its Chinese partner Guangdong Shaoguan Iron and Steel Songshan (SGIS). SGIS' parent company is China's biggest steelmaker state-controlled Baowu. SGIS holds the other 50pc in BSSS.
The new joint venture, tentatively named Baowu JFE Special Steel, produces around 1.1mn t/yr of speciality steel bars at its Shaoguan plant in Guangdong province. The company is marketing speciality steel bars in China, primarily for use in car manufacturing.
Source: Argus Metals
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