A subsidiary of Liaoning-based Chinese steelmaker Benxi Steel Group, Benxi Steel Plate Co., announced today, June 4, that its board of directors has approved three investment projects amounting to a total investment of RMB 77.89 million ($11.42 million). The projects in question include the construction of two JV companies, Tianjin Benxi Longxing Steel Service Co. and Dalian Benruitong Steel Service Co., as well as the acquisition of a stake in SinoSteel Shanghai Steel Service Co., Ltd.
As regards Dalian Benruitong Steel Service Co., Benxi Steel Plate will hold a 65 percent stake with an investment of RMB 65 million ($9.53 million), Hubei Huitong Industry and Trade Co. will hold a 25 percent stake with an investment of RMB 25 million ($3.67 million), while Anhui-based Wuhu Ruichuang Investment Co., Ltd. will invest RMB 10 million ($1.47 million) to acquire the remaining 10 percent stake.