Worthington finalizes steel processing joint venture in China
Metals manufacturing company Worthington Industries Inc., Columbus, Ohio, has finalized its agreement with Nisshin Steel Co. Ltd. and Marubeni-Itochu Steel Inc. (MISI), forming a joint venture called Zhejiang Nisshin Worthington Precision Specialty Steel Co. Ltd.
Located in Pinghu City, Zhejiang, China, approximately 45 miles outside of Shanghai, the joint venture will produce cold-rolled strip steel primarily for the automotive industry. Worthington owns a 10 percent stake in the joint venture, with the option to increase ownership. Japanese partners Nisshin and MISI own 55 and 35 percent, respectively.
Production is expected to begin in the fourth quarter of 2015.
Nisshin is an integrated steelmaker specializing in light-gauge sheet products. MISI is a producer of iron and steel.