On May 23, Hong Kong-based Novo Group, a global steel trading, distribution, processing and manufacturing company, announced that its new joint venture with Tianjin Bohai Light Industrial Co. named Novo Steel Development (Tianjin) Co. has received a business license from Tianjin City Administration for Industry and Commerce, allowing the JV company to engage in the steel processing and distribution business.
Each of the two companies holds a 50 percent share in the joint venture which has been established in Tianjing Economic and Technology Development Zone. The joint venture is an extension of the downstream business of Novowell ETP Limited in Jiangsu Province and will mainly focus on decoiling, cutting and printing of tinplate and on sales of the product.