Novelis and Kobe Steel close deal for joint venture in South Korea
Kobe Steel, Ltd and Novelis Korea, Ltd have completed their arrangements announced on 10 May to establish a 50:50 joint venture called Ulsan Aluminium, Ltd to produce aluminium rolled products in South Korea. Ulsan Aluminium will provide Kobe Steel with a stable supply of cold-rolled aluminium. This will enable Kobe Steel to continue enhancing its current core businesses of can stock, disks and other aluminium products. Kobe Steel will also be able to further grow its aluminium sheet business to meet the growing demand for automotive closure panels in the expanding Asian market.
Jerry Quick will be president and chief executive of Ulsan Aluminium. The company employs around 600 people, has a production capacity of 300,000 tpy and is equipped with melting and casting facilities, hot and cold rolling line and auxiliary equipment.