Shanghai-listed Chinese trading company Minmetals Development, a subsidiary of state-owned China Minmetals Corporation, has announced that it has established an alliance called China Steel Circulation E-alliance with 11 domestic steel enterprises.
Yao Ziping, general manager of Minmetals Development, stated that, faced with the slowing domestic economy, the oversupply situation in the local steel industry and uncertainty in the industry, steel enterprises should join together to share real-time information and resources as well as to share financing and processing services.