On January 26, Zhejiang Province-based Chinese steelmaker Yongxing Special Stainless Steel Co. (Yongxing Special Steel) announced that it plans to set up a wholly-owned subsidiary called Huzhou Yongxing Investment Co. Ltd (Yongxing Investment), with a total registered capital of RMB 300 million ($45.59 million).
Yongxing Special Steel stated that the establishment of Yongxing Investment would speed up its own transformation and upgrading in the fields of high-end equipment manufacturing and new materials, which would largely improve its overall competitiveness and profitability.