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.