China’s Anyang Iron and Steel is establishing the Yongtong Equipment Technology JV for CNY300mn ($46mn) in Henan province.
The joint venture will expand Anyang’s casting pipe segment, according to media reports. Anyang is investing approximately half the outlay towards setting up the venture to hold slightly less than 50pc stake in the new entity. Partners include Yungyang Casting and Nanzhao County Jincai Investment and Development.
($1=CNY6.57)