Fujian-based Chinese steelmaker Fujian Sangang (Group) Co. has signed an agreement with Fujian Sangang Xiaojiao Industrial Development Co. (previously Xiaojiao steel rolling mill of Fujian Sangang Group) and Taiwan-based
pipe company Kuo Toong International Co. to establish a joint venture company called Fujian Taiming Casting
Pipe Technology Co. with a registered capital of RMB 100 million ($16.49 million).
The new joint venture company will specialize in the production of ductile cast iron pipes for use in pipelines for water supply, sewage disposal and gas transmission. In particular, a 57.5 stake will be held by Kuo Toong International, while Fujian Sangang and Sangang Xiaojiao Industrial Development will own 21.25 percent and 21.25 percent stakes respectively.