According to China-based Da Ming International Holdings Limited, it will set up a joint venture (JV) company called Taiyuan Taigang Daming Metal Product Co. with Shanxi Province-based Chinese steelmaker Taiyuan Iron and Steel Co. (TISCO). The JV company in question, which will be established in the city of Taiyuan in Shanxi Province, will focus on processing stainless and carbon steel.
The total investment will reach RMB 1.08 billion ($166.92 million), of which Da Ming International will contribute RMB 648 million ($100.15 million). Accordingly, Da Ming International will hold a 60 percent stake in the JV, while TISCO will hold the remaining 40 percent.