(Bloomberg) -- Nippon Steel Corp. will exit a joint venture in China as its top customers — Japanese automakers — struggle to maintain market share in Asia’s...
-- Nippon Steel Corp. will exit a joint venture in China as its top customers — Japanese automakers — struggle to maintain market share in Asia’s biggest economy.Baoshan Iron & Steel Co. agreed to buy Nippon Steel ’s 50% stake in Baosteel- Nippon Steel Automotive Steel Sheets for 1.8 billion yuan , it said in a statement on Tuesday. That will make the factory, founded in 2004, a wholly-owned subsidiary of the world’s largest steelmaker.
Honda Motor Co. will cut its production capacity of gasoline-powered cars in China by 19%, it said Thursday. The company will close one production line and idle another one from October, it said in a statement. It has been struggling to complete a proposed purchase of United States Steel Corp. due to heightened scrutiny of foreign investors in an election year, and has now positioned the deal as a potential counterweight to China, which currently dominates the global market.The decision to exit from the Baosteel venture “makes sense given US-China trade tensions,” Nomura Securities Co. analysts including Yuji Matsumoto said in a note.
Nippon Steel China Mitsubishi Motors Corp. Chinese Automakers Steel Sheets United States Steel Corp.
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