The world's largest steel company ArcelorMittal has announced its decision to withdraw from the China-based joint venture (JV), Baosteel-NSC/Arcelor Automotive Steel Sheets Co., which was set up in 2004 by ArcelorMittal, Chinese steel giant Baosteel Group and Japan's Nippon Steel, with respective stakes of 12 percent, 50 percent and 38 percent.
The JV supplies approximately 1.8 million mt of steel products a year to the Chinese market, mostly consisting of galvanized steel sheets for the automotive sector.
Nippon Steel has expressed its intention to acquire ArcelorMittal's 12 percent stake in the joint venture.