Valin and ArcelorMittal Jointly Established Automotive Plate Project Approved
Although the oversight of overcapacity in the iron and steel industry is tight, the reporter learned from the Hualing Group yesterday that the National Development and Reform Commission approved the joint venture. Under the premise of strictly controlling the total amount of iron and steel smelting and hot rolling, it agreed to establish a joint venture between Valin and ArcelorMittal. Construction of automotive panels and electrical steel projects. Wang Jun, the responsible person of Valin, told reporters yesterday that the key to the approval of the iron and steel cooperation project between Valin and ArcelorMittal was that the project was a high-end project that introduced new technologies, and the project did not expand production capacity. Instead of deep processing of the original production capacity, the project will be put into production within two years. The approval of the National Development and Reform Commission shows that the total investment of the project is 12.3 billion yuan, of which the automobile panel project is jointly funded by Valin, ArcelorMittal and Valin Steel, and the three parties hold 33%, 33% and 34% respectively. The auto panel project will produce 1.1 million tons of cold-rolled coils and 500,000 tons of hot-dip galvanized coils, totaling 1.6 million tons. The electrical steel project will be jointly funded by Valin and ArcelorMittal. Hualing said that the company will focus on the development of high-end products such as high-strength passenger car steel that are in short supply in the domestic market, and gradually form its own core technology system and technological innovation capabilities. Since the beginning of this year, the relevant departments of the state have issued orders for repeal, requesting the elimination of outdated production capacity of the steel industry, and energy conservation and emission reduction. Except for projects that have been approved by the state to carry out preliminary work, no steel projects that increase production capacity will be approved and filed before the end of 2011. It can be seen that the iron and steel industry will enter the era of slow development in the future, and the automotive consumer market has broad prospects. Leading steel companies have recently penetrated into the downstream, especially in the automotive sector.
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