Kobe Steel said it will establish a joint venture to process steel wire rod in Guangdong province. The 1.81bn yen investment groups China steel trader Metal One Corp and Kobe wire rod suppliers Kyodo Shaft Co and Sugita Wire Ltd, which will both take stakes in the 60% Kobe Steel-held venture in Foshan. Set to open in April 2006 with a starting annual capacity of 15 million tonnes, Kobe Wire Products (Foshan) will make cold drawn steel bar and other products for suspension springs and components for China-based Japanese automakers.
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