New joint venture from Hunan Valin Group
China's Hunan Valin Iron and Steel Group announced that it would set up a joint venture between its subsidiaries Hunan Valin Steel Tube & Wire Co Ltd and Lianyuan Iron and Steel Group Co Ltd. Hunan Valin Steel Tube & Wire will hold an 88.32% stake (RMB 4.42 billion, or approximately $535 million) in the joint venture, while the rest will belong to Lianyuan. The new joint venture is expected to start operations on July 1, 2005, and it will be named Hunan Valin Lianyuan Iron and Steel Co Ltd. The world's largest steel producer, Mittal Steel Co NV, had signed an agreement at the beginning of this year to acquire a 37.17% stake in Hunan Valin Steel Tube & Wire.New joint venture from Hunan Valin Group
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