China’s PBOC keeps gold buying on hold as prices hit record
Bullion held by the People’s Bank of China was unchanged at 72.8 million troy ounces at the end of last month.
China’s Baoshan Iron and Steel (Baosteel), Baowu Aluminum and Japan’s Kobe Steel 5406.T will form a joint venture to produce automotive aluminum sheets, Kobe Steel said on Thursday.
Kobe will have a 50% stake in the venture and Baosteel and Baowu the remaining 50%, the statement on Kobe’s website said, without specifying the breakdown.
The deal will be contingent on obtaining the necessary regulatory approvals.
The new company will produce aluminum sheets for China’s domestic automobile manufacturers at two plants in Tianjin and central Henan province.
The provisional name of the venture, to be established in Shanghai with registered capital of 900 million yuan ($125.5 million), is Kobelco Baosteel Automotive Aluminum Rolled Products.
Baosteel is a subsidiary of the world’s largest steelmaker, China Baowu Steel Group. Kobe is Japan’s third-largest steelmaker.
The companies had announced on Feb. 26 that they would carry out a feasibility study on the potential joint venture.
(Reporting by Colleen Howe and Amy Lv; editing by Jason Neely and Jan Harvey)
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