Xinhua reported that China's Wuhan Iron and Steel (Group) Corp. and Japan's Nippon Steel Corp announced the launch of a new joint venture.

The steelmakers each have a 50% stake in a new tin plate plant in Wuhan, the capital of central China's Hubei province, built at a total cost of CNY 1.85 billion.

The plant is expected to start operation in the summer of 2013.

The tin plates will be used to make cans for food and beverages, as well as for products like paint, oil and medicine.

Mr Shoji Muneoka president of Nippon Steel at the launching ceremony for the joint venture said “The joint venture is a major move as both companies are joining hands amid a grim global economy and fierce market competition.”

(Sourced from Xinhua)