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Hitachi to Run Nippon Steel's Chip Biz Hitachi, Nippon Steel, and Singapore's Economic Development Board (EDB) reached an agreement for Hitachi to assume predominant control of Hitachi Nippon Steel Semiconductor Singapore. Hitachi and Nippon Steel jointly established the venture as partners of equal standing in 1996, each contributing 35 percent with EDB contributing 30 percent. This arrangement will change to one in which Hitachi will assume management responsibility starting in April. HNS shares held by Nippon Steel shall be converted to non-voting-right shares as of April 1. Directors representing Nippon Steel on HNS' board will retire. Going forward, the board will continue to have five directors, of which four will be Hitachi nominees and one will be an EDB nominee. HNS was established as a production base for DRAMs designed by Hitachi. The venture has been in volume production since the summer of 1998. |