Major Chinese steelmaker Baosteel announced on September 21 that its listed holding subsidiary Shanghai Baosight Software Co., Ltd has jointly set up Ouyeel Industrial Products Co., Ltd together with Masteel, Bayi Iron and Steel, SGIS Songshan Co., Ltd, Echeng Iron and Steel and Ouyeel Commerce Co., Ltd, with a registered capital of RMB 4.0 billion ($0.6 billion).
In particular, Baosteel and Baosight have invested RMB 1.66 billion ($0.25 billion) in Ouyeel Industrial Products - holding 41.5 percent of its equity - which will be a service provider for equipment material procurement.