TOKYO -- Japan's Nippon Steel will withdraw from a joint venture with Baoshan Iron & Steel, marking a turning point in a half-century-long relationship that was a symbol of China's progress in modernizing its steel industry.
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A steel plant in Shanghai operated by Baoshan Iron & Steel. Nippon Steel has concluded that the U.S. and India offer more promising investment opportunities than China. (Photo by Tomoko Wakasugi)
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