Minmetals Development to build logistics base in Shanghai

Minmetals Development Co., Ltd, Chinese distributor of steel and metallurgical raw materials and also a subsidiary of Chinese state-owned metals and mineral trading company China Minmetals Corp, will invest RMB 254 million ($38.8 million) to establish a wholly-owned subsidiary Minmetals Logistics (Shanghai) Co., Ltd and build a storage and logistics base covering about 58,430 square meters in the Baoshan district of Shanghai.