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Commodity News

Commodities Buzz: Kobe Steel and Novelis to Enter in JV in South Korea

3 October 2017 (01:02PM)

Commodities Buzz: Kobe Steel and Novelis to Enter in JV in South Korea

 

Kobe Steel, Ltd. and Novelis Korea Limited, a wholly owned subsidiary of Novelis Inc., entered into a definitive agreement today to establish a joint venture in South Korea that will produce aluminum sheet products.

Kobe Steel plans to acquire 50% of Novelis Korea, the investment was about US$315 million. The joint venture to be named as Ulsan Aluminum, Ltd., is anticipated to be established at the end of September 2017, when the deal is expected to close.

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