Marubeni Itochu Steel Opens Automotive Steel Sales Base in Moscow

Marubeni Itochu Steel Corporation, Japanese major steel dealer, announced on Friday the firm establishes the sales company of steel products mainly for automobiles, MI Auto Steel, in Moscow, Russia in January 2012. The capital fund is 500,000 euro, wholly owned by Marubeni Itochu Steel. The new company is dedicated to supply automotive steels, separately from the existent Moscow sales office

Car production is approximately 2 million sets per year in Russia and expected to approach 5 million sets in 2015. Car sales would exceed 3 million sets and become the seventh largest car market in the world in 2016.

Japanese trading houses are increasing business investment in Russia. Mitsui & Co. currently announced establishment of a joint steel processing and sales base for automobiles in cooperation with a local major steel maker as well as establishment of a joint steel processing center for building materials with a local major dealer. Other Japanese traders are also seeking business chances when steel demand is expected to expand for Winter Olympic in 2014 and FIFA World Cup in 2018.