ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan City announced October 13 that Novelis Korea and Kobe Steel have launched a joint venture in the city.

Named Ulsan Aluminum, the joint venture was established by Novelis Korea selling Kobe Steel USD 315 million (50 percent) of its ownership interest in the company's Ulsan facility.

Novelis is a global leader in aluminum rolled products in terms of scale and technology. Kobe Steel is on of Japan's 'big three' steel companies that also supplies aluminum and copper products.

Ulsan expects the new joint venture to transform the city into a leading production base for Asia's aluminum industry.

As of September 2017, foreign direct investment in Ulsan reached USD 503.96 million, over double last year's record of USD 273 million.



leeyoo@yna.co.kr

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