Baosteel and Mitsubishi Form Joint Venture
Resource from: cbcc-yinx Likes:2964
Mar 09,2006
March 3, Baosteel Group, one of the largest steel producers in China, announced the founding of Changzhou Baoling Heavy-Duty Machinery Co.,Ltd. The company is a joint venture formed by Baosteel Group and Mitsubishi(Japan).
From then on, Baosteel Group will attach more importance to the development of manufacturing metallurgy equipments. Now manufacturing metallurgy equipment has become one of the 6 pillar industries which are expected to be laid more emphasis by Baosteel Group in their future planning.
With $37 million registered capital and over $100 million investment, Baoling Heavy-Duty Machinery Co.,Ltd was built up on the site of former Metallurgy Equipment Plant and Baoling Metallury Equipment Manufacturing Co.,Ltd. There are altogether three investors in founding this company. They are Baosteel Engineering Technology Co.,Ltd, Mitsubishi-HITACHI and Mitsubishi Corporation whose holding share are 50%, 30% and 20% of the sum respectively. Time limit for this joint venture is 12 years.
The spokesman of Baosteel Engineering Technology company said:”In the past, we mainly dealt with various equipment parts, from now on, we will begin to manufacture heavy-duty metallurgy equipments in large scale.”
It is reported that about 1000 sets of steel processing and other equipments are waiting for upgrading or reshaping in the following years. So there will be great potential in manufacturing such equipments. However, China are still less innovative than foreign enterprises in manufacturing technologies of metallurgy equipments. Therefore, we need to introduce high-tech, high-precision and top-notch metallurgy equipments from abroad.
Baosteel Group
Mitsubishi Corporation
(cbcc-yinx)
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