Nanjing Steel to set up wholly-owned subsidiary in Nanjing

Jiangsu Province-based Chinese steelmaker Nanjing Iron and Steel Co.(Nanjing Steel) has announced that it plans to establish a wholly-owned subsidiary named Nanjing Steel Jinte Iron and Steel Co. in Nanjing, which will be focused on the steel strip products business, allowing Nanjing Steel to improve its competitiveness in the long steel product segment. The registered capital of Nanjing Jinte Iron and Steel will be RMB 100 million ($16.4 million).