China's leading steelmaker Baosteel Group and SKF AB, the world's leading ball bearing manufacturer, have formed a joint venture to build a ball bearing manufacturing plant in Shanghai.
The plant, which is estimated to cost RMB 22 million ($2.88 million), will manufacture bearings through recycling. SKF Group will own a 66 percent share in the joint venture while Baosteel's subsidiary Baosteel Equipment Maintenance Co. Ltd will own the remaining 34 percent stake.
Meanwhile, SKF has also revealed its decision to build a new ball bearing plant in the Uttarakhand province of India through its subsidiary SKF India.