Itochu-Marubeni & Pangang invest in OCTG

Itochu-Marubeni & Pangang invest in OCTG

Panzhihua Iron and Steel Group's (Pangang) Chengdu Iron and Steel Co Ltd will form a joint venture with Japan's Itochu-Marubeni Iron and Steel Co Ltd. to produce OCTG pipes in China's southwestern Chengdu province. The $60 million project calls for the establishment of two OCTG production lines with an aggregate annual production capacity of 250'000 tons. The project is expected to be completed next year.