On March 22, Anhui Province-based Chinese steelmaker Magang signed a JV contract with Japanese steel giant Nippon Steel.
The new JV company, called Maanshan Nippon-Sino Resource Recycling Technology Co., is the result of investments by Magang's Design & Research Institute Company and Nippon Engineering Technology Company. The two parties signed a letter of intent on November 20, 2009, eventually reaching a final agreement.
The new company will have a total investment of RMB 14 million, with registered capital of RMB 10 million. The Chinese company and its Japanese partner will hold 49 percent and 51 percent shares respectively in the JV.