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14. November 2007

Nippon Steel reaches deal in India

Nippon Steel Corp. reached a basic agreement Tuesday with Tata Steel Ltd. of India to jointly produce steel sheets for motor vehicles in India, sources said.

Officials said the new production line at Tata's plant in Jamshedpur is expected to start in 2011 at the earliest.

The joint venture, estimated to be worth several tens of billions of yen, will be the first involving a major Japanese steelmaker.

The plant will process unfinished steel products and ship them to local automakers.

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