Nisshin Steel to Build New Stainless Rolling Mill in India

Nisshin Steel is expected to agree with Acerinox of Spain in the year to build stainless cold rolling mill in India. The mill is the second offshore cold rolling operation for Nisshin Steel after Ningbo Baoxin Stainless Steel, which is joint venture with Baoshan Iron and Steel of China. Nisshin Steel and the partner of Acerinox try to meet growing demand in India. Nisshin Steel established Acerinox with former Nissho Iwai or current Sojitz in 1970. Nisshin Steel has 11.09% of Acerinox. Acerinox has annual 3 million tonnes of stainless raw steel output capacity including North American Stainless of USA and Columbus Stainless in South Africa. Nisshin Steel’s stainless business represents around 40% of the sales and 60% of the recurring profit for fiscal 2006 ended March 2007. The firm has world top class technology but has only 700,000 tonnes of stainless raw steel output capacity. The firm tries to expand the offshore business through tie-up with Acerinox.