Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co., Ltd. inked an agreement with Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co., Ltd. (Baogang). Accordingly, both parties will set up a joint venture, Baosteel Pipe Technology Co., Ltd. (temporary name), aiming to improve the concentration and competitiveness of steel pipe industry, and create a professional pilot enterprise in seamless steel pipe field.
Baosteel will hold 74.91 percent of equity, while Baogang will hold the remaining 25.09 percent equity in the JV.
The main business scope is the production and sales of seamless steel pipe.
