According to report, Australia's BlueScope and the world's second largest steelmaker have commissioned their $1.31 billion joint venture in coated products.
Nippon Steel & Sumitomo Metal Corporation (NSSMC) will invest US$540 million and take 50 percent of the stakes of the new Nippon Steel BlueScope, aiming to supply the ASEAN market.
By setting up the new joint venture, it will help the company for access foreign markets and cut down the debt.
For the past 18 months, BlueScope has slashed about 1500 jobs and shut down facilities at Port Kembla in NSW.