Baoshan Iron & Steel Co., Ltd. (600019.SS)

Japan's Kobe Steel eyes auto panel JV with China Baowu

Kobe Steel, Japan's third-biggest steelmaker, said it aimed to expand its automotive aluminium panel business in China through a joint venture with China Baowu Steel Group as a shift to electric vehicles drives demand for new cars. China Baowu, the world's largest steelmaker, via a unit, has agreed to proceed with feasibility study to form a joint venture with Kobe Steel's local unit, the Japanese company said on Monday, with an aim to set up the business this year. The deal would allow Kobe Steel to benefit from a forecast 3% annual rise in automobile production in China annually through 2030 due to a shift to EVs, the Japanese company said.