The municipal authorities in Ma’anshan in China’s Anhui Province has announced that Anhui-based Chinese steelmaker Masteel, France-based company Escaut Industrial Group and Yushan Economic Development Zone in Ma’anshan, Anhui have inked an investment agreement regarding cooperation in a high-grade automotive special steel project.
Accordingly, Masteel, Escaut Industrial Group and Yushan Economic Development Zone will jointly set up a company called Escaut Special Steel which will mainly specialize in high-grade automotive gear steel, spring steel and bearing steel. Total investment in the steel project will amount to €92 million, while the project will have an annual output capacity of 750,000 mt.