China National Travel Service Group (CTS) has signed an agreement with Beijing-based state-owned China Metallurgical Group in Beijing to take over Zhongye Hengtong Cold Rolled Technology Company, the cold rolled division of China Metallurgical Group.
The move in question is supported by China's State-owned Assets Supervision and Administration Commission (SASAC) within the scope of its aim of strengthening the core businesses of state-owned enterprises.
Zhongye Hengtong Cold Rolled Technology Company is China's largest cold rolled and galvanized production base, with an annual production capacity of 5 million mt of cold rolled and galvanized steel products.