On December 17, Zhenjiang Province-based Chinese stainless steel pipe and tube producer Zhejiang JIULI Hi-tech Metals Co. (JIULI Hi-tech Metals, formerly known as Jiuli Stainless Steel Pipe Co.), a listed subsidiary of Zhejiang JIULI Group Co., announced that it plans to set up a joint venture called Zhejiang TIANGUAN JIULI Hi-tech Metals Co. (TIANGUAN JIULI) with Tianjin Pipe Group Corp., with a total registered capital of RMB 50 million ($8.20 million). JIULI Hi-tech Metals will hold a 65 percent stake in the joint venture.
The new company, which will be located in Huzhou in Zhejiang, will provide a platform for JIULI High-Tech Metals and Tianjin Pipe Group to develop high-end tube and pipe products, including stainless steel and special alloy tubes and pipes.