Henan Province-based Chinese steelmaker Anyang Iron and Steel Inc. (Anyang Steel) has announced that it plans to set a joint venture called Yongtong Equipment Technology Co., Ltd in Nanzhao county in Henan Province, with a registered capital of RMB 300 million ($46 million).
Anyang Steel will invest RMB 137 million ($21 million) in the new joint venture and will hold a 45.53 percent stake in the company. It stated that the investment is aimed at strengthening and enlarging its casting pipe business.