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Nippon, Marubeni-Itochu Invest in Cold Rolling Mill in Nigeria
12/07/2010 - Nippon Steel Corp. and Marubeni-Itochu Steel Inc. have reached an agreement with Midland Rolling Mills Ltd. (MRM) in regard to equity investment in MRM. Both companies are to respectively invest US$3 million in MRM.
Nippon Steel Corp. (NSC) and Marubeni-Itochu Steel Inc. (MISI) have reached an agreement with Midland Rolling Mills Ltd. (MRM) in regard to equity investment in MRM.
According to the agreement, NSC and MISI are to respectively invest US$3 million in MRM, which manufactures and sells cold-rolled steel in Nigeria under management of SAFAL Group, who has long-term relationship with both companies.
Said to be the first company to install a cold rolling mill in Nigeria, MRM has completed trial run leading to a commercial production expected to start in January 2011.
NSC and MISI, after studying a request from MRM for equity investment and stable supply of hot-rolled steel in coil as raw material, have decided to participate in the equity by means of a capital increase through third-party allotment by MRM.
Both companies believe that this investment enables them to serve the emerging steel demand in Nigeria and West African countries through supply of raw material coils to MRM.
SAFAL Group owns and operates businesses in many of the Sub-Saharan African countries. The group manufactures steel coils and sheets in the form of cold rolling, galvanizing, color coating, etc. and steel pipes and tubes used mainly in the construction and infrastructure projects. In December 2008, NSC and MISI participated in equity to their re-rolling business (cold rolling, galvanizing, and color coating) in South Africa.
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