Nisshin Steel Co. on Sept. 8 announced the formation of a holding company for its U.S. subsidiary in New York last Sept. 2 to prepare for the expansion of U.S. business in the future.

The new company, Nisshin Holding Inc., is capitalized at 53.89 million yen and will take over the 64.3 percent equity stake that Nisshin Steel held in subsidiary Wheeling-Nisshin Inc., company officials said. Wheeling-Nisshin manufactures and sells coated steel sheets in Follansbee, W. Va. It is a joint venture formed with U.S. steelmaker Wheeling-Pittsburgh Steel Corp.

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