Qinhai Province-based Chinese steelmaker Xining Special Steel Co., the biggest special steel producer in northwest
China, has announced the establishment of a new wholly-owned subsidiary Qilian West Steel
Mining Development Co. with a registered capital of RMB 2 million ($316,455).
Xining Special Steel stated that the new
mining subsidiary has been set up to increase the development and utilization of iron ore resources in the province of Qinhai and also to speed up the pace of its own development strategy. The establishment of the new company is expected to resolve the problem of raw material supply needed by Xining Special Steel, as well as reduce its costs and strengthen its market competitiveness.