Worthington Industries,
Inc. WOR announced today 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 percent stake in the joint venture with the
option to increase ownership and Japanese partners Nisshin and MISI
will own 55 and 35 percent respectively. The formal agreement is
expected to be signed by the end of the month.
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