MCC opens new subsidiaries in overseas expansion

China's Beijing-based state-owned industrial construction group, the China Metallurgical Group (MCC), has announced the establishment of two new subsidiaries as part of an overseas expansion. Of the two subsidiaries, MCC International Incorporation Ltd will focus on North America, Latin America, the European Union and Africa, while MCC Overseas Ltd will focus on Asia, Australia, Russia and Turkey. The new companies will be in charge of seeking projects, making bids and seeking investments, while the actual project constructions will be carried out by other MCC subsidiaries. The overseas projects will cover investment and development of iron and steelworks, aluminium processing projects and open-cast coal mines. MCC is regarded as the founder of the Chinese steel industry, having been responsible for building China's largest steelmakers, Baoshan, Anshan, Wuhan and Panzhihua Steel. The company is involved in the construction of a $670 million nickel-cobalt project in Papua New Guinea, a steel-processing plant project in the U.S. State of Kentucky, and an international airport project in Mauritania.