SHANGHAI, May 10 (SMM) –Kobe Steel announced on Wednesday that it will spend $484 million to expand aluminum business so as to meet growing demand from automakers, wenhua.com reported.
The company will buy 50% stake in an aluminum smelter in Ulsan, South Korea, for $315 million. The smelter produces 300,000 tonnes of cold-rolled aluminum annually.
Besides, the company will invest another JPY 20 billion to add one production line at Moka aluminum smelter in north Tokyo to produce automotive panel materials. The new production line will expand annual capacity at Moka by 100,000 tonnes.
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