Kobe Steel Ltd. became the last of...

Kobe Steel Ltd. became the last of Japan’s big integrated steelmakers to join with a comparable U.S. producer when it announced a joint venture with USX Corp. in Pittsburgh. Kobe will pay an undisclosed sum to buy half of USX’s Lorain, Ohio, plant. The deal is at least the 11th such joint venture completed or under consideration. Analysts said the Japanese seek the ventures because import quotas and unfavorable currency exchange rates make it hard for foreigners to penetrate U.S. markets. American firms see the Japanese as a source of capital and expertise in producing high-quality steel for autos, the metal’s biggest end use.