Liaoning Province-based Chinese steel producer Anshan Iron and Steel (Anshan Steel) has announced the establishment of a new joint venture company Dachuan Gangye Co. for the dismantling and recycling of ships. The new company is owned jointly by Anshan Steel, Dalian Shipyard Group and Pacific International Lines Ltd in a ratio of 15:67:18.
In September 2010, Anshan Steel had signed an initial agreement with the other two companies to jointly establish the new company. After the new joint venture begins operations, Anshan Steel will acquire an additional of 500,000 mt of
scrap supply per year.