Nippon Steel & Sumikin Stainless Steel Corporation, Sichuan Southwest Stainless Steel Co., Ltd. (Head Office: Leshan City, Sichuan Province, People’s Republic of China; Representative Director: Shengyi Zeng), a business division of Sichuan Jinguang Industrial Group Co.,Ltd. (Head Office: Guanghan City, Sichuan Province, People’s Republic of China; President: Luwen Chen), Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President and CEO: Susumu Kato), and Sumitomo Corporation (China) Holding Ltd. (Head Office: Beijing City, People’s Republic of China; President: Nobuhiko Yuki), a Chinese subsidiary of Sumitomo Corporation, have agreed to form a joint venture by the tentative trade name of J.S. (Nantong) Stainless Steel Co., Ltd. (planned head office site: Nantong City, Jiangsu Province) for the purpose of manufacturing and distributing cold rolled stainless steel in China.
Demand for stainless steel is expected to increase steadily in line with economic growth and the improvement of living standards. Overall, annual stainless steel demand in China has grown approximately five times to as much as around 11 million tons over the past decade. The Chinese market is now the largest in the world, accounting for more than 30% of the global demand. Driven by steady growth in GDP, stainless steel demand in China is expected to achieve consistently high growth going into the future. In addition, as requests by customers in China for high quality stainless steel have been growing year over year, the demand for highly functional and workable stainless steel sheet will become progressively stronger.
In order to meet the wide range of customer needs in China, NSSC, Southwest and Sumitomo Corporation have agreed to establish JSNS in Nantong City, Jiangsu Province, by the target month of August 2012.