Maanshan, Anhui Province-based Chinese steelmaker Maanshan Iron and Steel (Masteel), Fularji, Heilongjiang Province-based China First Heavy Industries (CFHI) and Maanshan, Anhui-based heavy equipment manufacturer Taier are to join forces to establish a joint venture (JV) in Maanshan city to produce high-end heavy equipment, in particular CNC (computerized numerical control) machine tools.
The three companies will invest RMB 1.5 billion ($230 million) in total. The completed facility is expected to achieve an annual output value of RMB 1.54 billion ($236 million) with a profit of RMB 150 million ($23 million) per annum.