The Wall Street Journal
Kobe Steel to Scrap Y40B Aluminum Plant Project In China
Edited by : AL CIRCLE
1 min read
Kobe Steel Ltd. said Tuesday it has decided to scrap a plan to build an aluminum plant jointly with a Chinese partner in Baotou, in China's Inner Mongolia Autonomous Region.
The Japanese company and Jiangsu Alcha Aluminium Co. reached a basic accord to construct a new building with outlays worth 40 billion yen ($472 million) in December 2011. But a rift between the two companies in the course of a feasibility study prompted the decision to scrap the basic accord.
A Kobe Steel spokesman denied a Nikkei report earlier Tuesday that political tensions between Tokyo and Beijing were behind the decision.
The Japanese company and Jiangsu Alcha Aluminium Co. reached a basic accord to construct a new building with outlays worth 40 billion yen ($472 million) in December 2011. But a rift between the two companies in the course of a feasibility study prompted the decision to scrap the basic accord.
A Kobe Steel spokesman denied a Nikkei report earlier Tuesday that political tensions between Tokyo and Beijing were behind the decision.
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