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Steel News August 08, 2018 02:30:03 PM

Nippon Steel JV to Produce High-Strength Automotive Steel Products

Paul Ploumis
ScrapMonster Author
The total investment of the JV is estimated at around $300 million.

Nippon Steel JV to Produce High-Strength Automotive Steel Products

SEATTLE (Scrap Monster): Japanese steel major Nippon Steel & Sumitomo Metal Corporation (NSSMC) has formed a joint venture project with Indonesian PT Krakatau Steel (Persero) Tbk. The joint venture company PT Krakatau Nippon Steel Sumikin (KNSS) started commercial production of automotive flat steel products in end-July this year. An opening ceremony was held during the first week of August, which was attended by company representatives and government officials from both the countries.

The plant, located at Cilegon, Banten Province, consists of an integrated manufacturing line comprising of a Continuous Annealing Line and a Continuous Galvanizing Line, capable of producing high-quality and high-strength cold-rolled steel and hot-dip galvanized steel products for the growing Indonesian automotive market. The new production line will produce anti-corrosion steel meeting high standards, thereby leading to further development of Indonesian automotive industry.

The total investment of the JV is estimated at around $300 million. The plant employs 280 people and has a production capacity of 480,000 metric tons per year. NSSMC holds majority share (80%) in the joint venture, whereas the balance 20% is held by PT Krakatau Steel.

Recently, NSSMC subsidiary had announced opening of a new bar and wire rod plant in Shelbyville, Indiana. It had also created a manufacturing base in Europe through acquisition of Sweden-headquartered Ovako AB.

 

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