Nippon Steel Chemical and Showa Denko to Establish Aromatic Joint Venture
Nippon Steel Chemical and Showa Denko will form a joint venture company to produce aromatic chemicals, including styrene monomer, benzene, toluene and xylene.
The joint venture, named NS Styrene Monomer, will be established on 1 August 2011, with Nippon Steel Chemical holding a 51% stake in the company and Showa Denko holding the remaining 49%.
The JPY490m ($6m) company will produce 420,000t/year of styrene monomer, 200,000t/year of benzene, 70,000t/ year of Toluene and 40,000t/year of Xylene.
The joint venture company will use crude light oil derived from the steelmaking process of the Nippon Steel Group to produce the aromatic chemicals, as well as cracked gasoline and ethylene provided by Showa Denko.