Taiyuan, Shanxi-based Chinese stainless steel manufacturer Taiyuan Iron and Steel (Group) Corporation Ltd. (TISCO) announced on November 1 that it has signed an agreement to take over the management and operation of Shanxi Province-based Chinese private-owned steel mill Meijin Iron and Steel Co,. Ltd.
According to the agreement, this is the first step of the restructuring process between the two sides. Meilin steel has an annual production capacity of 1.2 million mt of crude steel and 1 million mt of pig iron.
By means of restructuring activity, TISCO expects to account for over 70 percent of the overall steel production capacity of Shanxi Province by the start of 2011.