The Italian group MAGNETTO AUTOMOTIVE (6,500 employed, annual turnover EUR 1.8 billion) and Japanese UNIPRESS have opened a joint car part stamping unit at the former site of the French group ARCELOR, in Biache-Sinat-Vaast (Pas-de-Calais). Named UM CORPORATION, the joint venture is held at 60% by MAGNETTO AUTOMOTIVE (of which ARCELOR is a minority shareholder). By 2005, UM CORPORATION is expected to have 100 to 150 employed with an annual turnover of EUR 30 million.