Guangdong Province-based Chinese steelmaker SGIS Songshan Co., Ltd (SGIS Songshan), a subsidiary of Guangdong Province-based steel producer Shaoguan Iron and Steel Co., Ltd (SGIS), has announced that it will speed up the transformation and upgrading of its special steel department into a high-end steel production base for major Chinese steel producer Baosteel. SGIS is a Baosteel subsidiary.
Accordingly, SGIS Songshan plans to set up a wholly-owned subsidy company Baosteel Special Steel (Shaoguan) Co.,Ltd, with a total registered capital of RMB 1.372 billion ($0.21 billion). In August this year, the company established a special steel department to collaborate with Baosteel. At present, SGIS Songshan mainly specializes in production of common medium plate, steel bar, wire rod and special steel bar.