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Worthington Industries Inc Announces Steel Processing Joint Venture In China

Tuesday, 1 Oct 2013 08:30am EDT 

Worthington Industries Inc announced that it has reached an agreement in principle to participate in a joint venture near Shanghai, China to produce cold rolled strip steel primarily for the automotive industry. Worthington will join Nisshin Steel Co., Ltd. (Nisshin) and Marubeni-Itochu Steel Inc. (MISI) in the venture which will be called Zhejiang Nisshin Worthington Precision Specialty Steel Co., Ltd. Worthington will own a 10% stake in the joint venture with the option to increase ownership and Japanese partners Nisshin and MISI will own 55 and 35% respectively. The formal agreement is expected to be signed by the end of the month. 

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