The opening ceremony of Xiamen Xinda Hongsteel Supply Chain Management Co., Ltd., a joint venture set up by Fujian Province-based Xiamen Xindeco Co., Ltd. and Shanxi Province-based Shanxi Hongda Iron & Steel Co., Ltd., was held on November 17.
Zhang Huimin, president of Shanxi Hongda Steel stated that Hongda Group will work together with major Chinese steelmaker Baowu Group to invest RMB 1.5 billion ($0.2 billion) in constructing the first 1.0 million mt thin casting and rolling line in China and invest RMB 150 million ($21 million) in upgrading its second rolling mill, aiming to carry out research and development on first-class high value-added products and further meet the needs of the middle and high-end markets.