• Nna/kyodo

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Major Japanese steel-maker JFE Steel Corp. has acquired a 50 percent stake in a unit of China’s top steel-maker, China BaoWu Steel Group Corp., and will start making high-grade specialty bar steel for Japanese automakers in China.

JFE will inject 690 million yuan (¥10.64 billion; $98 million) into Baosteel Special Steel Shaoguan Co., a specialty bar steel-maker under BaoWu, to form a joint venture. The group’s subsidiary, Guangdong Shaoguan Iron and Steel Songshan Co., will hold the remaining half, according to a company statement released Tuesday.

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