Nissho Iwai Corp. said Tuesday it will join two other Japanese trading houses in forming a joint venture to run an electronic marketplace for steel products on the Internet.
The joint venture will be set up sometime between April and July. Mitsubishi Corp. and Mitsui & Co. will each own 35 percent and e-Steel Inc., a New York-based e-commerce firm that specializes in steel, will hold 20 percent. The remaining 10 percent will be held by Nissho Iwai, the company said.
The joint venture will have capitalization of 1 billion yen, but its name and the location of its headquarters have yet to be decided, said Nissho Iwai, Japan's top trader in steel products on the domestic market.
Steel firms integrate
Itochu Corp. and Kawasho Corp. said Tuesday they have agreed to integrate their specialty steel pipe export operations under a joint company to be formed Saturday.
To be capitalized at 50 million yen, the new company will be owned 60 percent by Kawasho, a trading house affiliated with Kawasaki Steel Corp., and 40 percent by Itochu, the two trading houses said. In the specialty steel business, the two companies mainly deal with products made by Kawasaki Steel. Kawasho mainly ships the products to South Korea while Itochu exports to North America and China.
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