Pennsylvania-based Allegheny Technologies Incorporated has announced that it has reached a definitive agreement to form a 50-50 joint venture with an affiliate company of Tsingshan Group. Tsingshan is one of the worlds largest stainless steel producer.
The joint venture will manufacture and sell 60 inch-wide stainless sheet in North America. First shipments are expected in early 2018.
The joint venture will be treated as a 50-50 equity investment. The partners will share in operating profit and in the cash flow generated by the joint venture.