China Hunan Valin Iron and Steel Group has won approval to set up two joint ventures with Arcelor Mittal, the world's largest steelmaker, the 21st Century Business Herald reported Thursday.
The two smelters will pour 12.3 billion yuan ($1.8 billion) in the projects to produce automotive steel sheets and electric steel.
One of the joint venture is expected to produce 1.1 million tons of cold-roll steel sheets and 500,000 tons of hot galvanized steel sheets annually, with most of the products going to the auto industry.
The other joint venture is designated to put out 160,000 tons of orient electric steel and 340,000 tons of non-orient electric steel per year.
The two projects will be part of Valin's core businesses in the future, the paper said.
