Japan's Kobe Steel said on Wednesday it will set up a joint venture company with China's Jiangsu Alcha Aluminium and they will invest about 40 billion yen ($514.54 million) in the venture.
The joint venture will build an aluminum products company that will have annual production of about 200,000 tonnes of products such as auto parts and drinking cans in Mongolia, the statement said.
Kobe Steel will take an 80 percent stake in the joint venture and Jiangsu will take 20 percent. ($1 = 77.7400 Japanese yen)
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