Nippon Steel and Ternium announced on Tuesday the firms signed definitive agreement to establish automotive galvanized steel sheet manufacturing joint venture, Tenigal in Mexico. The firms establish the JV in Monterrey, Mexico and introduce sophisticated continuous galvanizing line as operations at Nippon Steel for US$ 300 million. The venture starts operation of the line with 400,000 tonnes of annual output capacity in 2013. The new company supplies high-quality automotive galvanized steel to the users including Japanese automobile makers at home and overseas.
Ternium controls 51% of the JV US$ 175 million capital while Nippon Steel has 49% in Tenigal. Nippon Steel and Ternium supply hot rolled coil to Ternium’s cold rolling mill in Mexico for Tenigal. Japanese and world major automakers have production sites in Mexico and the automobile output in the country is expected to increase to 2.7 million units in 2013 from 1.9 million units in 2010. The output will reach 3.5 million units in 2020, according to Ternium.Japan Steel Scrap Composite Prices (Sangyo Press)
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