Nippon Steel, Wuhan Steel Plan China Tin Plate JV

TOKYO, Apr. 22 -- Japan's Nippon Steel , the world's No.4 steelmaker, said on Friday it will set up a joint venture with China's Wuhan Iron & Steel Co Ltd with total investment of 24 billion yen ($293 million) to make and sell tin plate in China.

Nippon Steel and Wuhan Steel, China's third-largest steelmaker, will each take a 50 percent stake in the venture, which is slated to start operation in the summer of 2013.

The entity, which will be located in Wuhan City in China's eastern Hubei Province, plans to have a 400,000 tonnes a year continuous annealing and processing line, as well as a 200,000 tonnes per year electrolytic tinning line.

Tin plate is used to make cans for food and beverages. ($1 = 81.845 Japanese Yen)