On March 24, Japanese steelmaker Kobe Steel announced that its China headquarters will open on April 1. Named Kobelco (China) Holding Co., Ltd., the company will be the first headquarters established in China by a Japanese integrated steelmaker.
Based in the district of Luwan in Shanghai, the wholly-owned subsidiary of Kobe Steel is capitalized at US$50.14 million. Kobe Steel added US$50 million to the existing US$140,000 capital of Kobe Steel Consulting Co., Ltd. to form the new company. With this amount of registered capital, the company is set to make direct investments in China.
The main activities of Kobe Steel's Chinese headquarters will be efficient finance initiatives for financing, mergers and acquisitions, and cash management; strengthening group governance and risk management; and supporting group companies in China.
In its materials segments, the Kobe Steel Group has three companies in China for steel wire rod processing, two for the production of welding consumables, and one for copper sheet processing. In the machinery field, Kobe Steel has two units that assemble construction machinery and one that makes standard compressors.