Worthington Industries Finalizes Steel Processing JV In China

(RTTNews) - Worthington Industries Inc. (WOR) announced Friday it has finalized its agreement with Nisshin Steel Co., Ltd. and Marubeni-Itochu Steel Inc. or MISI forming a joint venture called Zhejiang Nisshin Worthington Precision Specialty Steel Co., Ltd. Located near Shanghai, China, the joint venture will produce cold rolled strip steel primarily for the automotive industry.

Worthington owns a 10 percent stake in the joint venture with the option to increase ownership and Japanese partners Nisshin and MISI own 55 and 35 percent respectively.

The company said that the facility will be located in Pinghu City, Zhejiang, China, about 45 miles outside of Shanghai.

Construction is expected to begin immediately following government approval with production expected to begin in the fourth quarter of 2015.