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NIPPON STEEL DENIES CHINA SEEKING JAPANESE PLANTS
Nippon Steel Corp <NSTC.T> denied local
newspaper reports that China has been seeking to buy steel
plants from Japanese firms which plan to suspend output under
the recently announced rationalisation program.
The Mainichi Shimbun quoted Nippon Steel as saying that
China's State Planning Commission and some Chinese firms have
asked Japanese makers to sell them steel works and rolling
mills to expand steelmaking cheaply. It named no sources.
A Nippon Steel spokesman told Reuters that China has made
no such official request, and the company was not considering
such sales at the moment.
But Mainichi quoted Nippon Steel officials as saying if
prices are reasonable, they would export their used mills to
China.
The paper said China's crude steel output totalled 52 mln
tonnes in calendar 1986 and that it plans to increase to 80 mln
by 1996.
Japan's steel industry rationalisation plan is aimed at
cutting production capacity sharply over the next few years.
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