TOKYO, Aug. 31 (Kyodo) — IHI Corp. said Friday it will establish an equally owned company with Luxembourg firm Paul Wurth S.A., the world's largest blast furnace maker, on Nov. 1 to tap growing demand for steelmaking facilities in Southeast Asia, Australia and elsewhere.
The two rivals are joining forces to further hone their product development expertise and competitiveness by establishing Paul Wurth IHI Co. in Tokyo, which will be capitalized at 400 million yen.
IHI will transfer its blast furnace operations to the equally owned joint venture.