Plan for US$ 270 million Mexican steel plant remains on track: JFE Holdings
Japanese firm JFE Holdings said its plans to build a US$ 270 million steel plant in Mexico with U.S. company Nucor remain on track, although it is closely watching U.S. policy after President Donald Trump threatened to ditch the North American Free Trade Agreement (NAFTA).
JFE and Nucor announced in June last year a joint-venture to build a plant in Mexico to supply automakers in the country, which would serve the NAFTA market.
The factory is expected to produce 400,000 tons of galvanized sheet steel annually after completion in 2019.
The company commented on the plans at an earnings press conference after it more than tripled its net profit forecast for the year through March 2017 to US$ 434 million.
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