Steel maker Nippon Steel Corp. and steel product traders Metal One Corp. and JFE Container Co. will integrate their pail-making operations under a joint venture to be established in January, the three firms said Thursday.
The joint venture will be owned 40 percent by Metal One and 30 percent each by JFE Container and Nippon Steel, they said. The firms said they have not yet decided on a name or capitalization value for the venture.
The firms said they expect the venture to churn out 1 million pails a month and rack up annual sales of 6 billion yen.