3/3/2014 1:02:00 PM
NEWS BRIEFS
Japanese Steelmakers Eye JV To Meet Rising Fastener Demand
“Japanese steelmaker Kobe Steel signed a memorandum of understanding with its trading affiliate Shinsho Corp., Japan companies Metal One Corp. and Osaka Seiko Ltd., and U.S.-based Republic Steel to consider establishing a joint venture in Mexico to process steel wire rod into steel wire of cold heading quality,” SteelOrbis reports.
Plans call to start operations in mid-2015.
Auto production in Mexico reached 2.93 million units in 2013 — nearly double the 1.5 million cars manufactured in 2009.
“One after another, Japanese auto parts manufacturers are setting up operations in Mexico, increasing demand for cold heading quality steel wire, which is used to make automotive fasteners and other cold-forged parts,” SteelOrbis reports.
Currently Mexican facilities get cold heading quality steel wire mainly by exports from the U.S. and Japan. ©2014 GlobalFastenerNews.com
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