Shougang unveils steel venture plan
Updated: 2007-11-29 10:26
Beijing Shougang Co Ltd has revealed plans to set up a 6.4 billion yuan (US$865.5 million) venture to produce cold-rolled steel in the capital's eastern fringe Shunyi.
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Beijing Shougang will take a 70.28 percent stake in the venture by contributing fixed assets and capital and its parent will take a 9.72 percent by contributing land. Beijing Automobile will hold the remaining 20 percent stake by offering the cash, the statement said.
Shareholders of Beijing Shougang will meet on December 13 to vote on the joint venture plan, it said.
A new cold-rolled steel plant under the venture will start production this year.
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