Hunan Province-based Chinese steelmaker Hengyang Valin Steel Tube Co. (Hengsteel), a subsidiary of Hunan Valin Iron & Steel Group Co., has announced that the opening ceremony for its own wholly-owned Singapore-based subsidiary Valin Hengyang (Singapore) Pte. took place on September 9.
The new company's registered capital totals $1 million, while it will be focused on sales and customer service for markets in the Southeast Asia and Oceania regions. Hengsteel stated that the establishment of its subsidiary in Singapore will bring it closer to the international market and will enable it to meet demand from customers with greater ease and rapidity.