Japan-based steel pipe manufacturer Maruichi Steel Tube has announced its decision to transfer all of its shares in Maruichi Metal Product (Foshan) Co., Ltd., a joint venture with Chinese steelmaker Chang Yee Steel Co., Ltd., to Chang Yee Steel’s wholly-owned subsidiary Large Crown Limited.
Maruichi Metal Product was founded in April 2005 jointly with Maruichi Steel Tube, Chang Yee Steel and three other companies to manufacture and sell parts to China’s automotive sector. Maruichi stated in its announcement that it chose to terminate the joint venture agreement after careful consideration in order to allocate resources for the future growth of Large Crown Limited.