On February 28, the Huangdao Steel Warehousing Service Center, located in the Huangdao district of the city of Qingdao in
China's Shandong Province, was put into operation, as announced by local media sources. The new steel service center, which is a joint investment by Shougang (Qingdao) Steel Industry Co. and COSCO Logistics (Beijing) Co., will provide steel procurement, steel processing, warehousing, logistics and distribution, and financing services in the Shandong Peninsula area for the home appliance, automotive and mechanical manufacturing industries.
Shougang (Qingdao) Steel Industry Co. specializes in steel processing and distribution, parts and components manufacturing, raw material sales and logistics services. It has a registered capital of RMB 60 million ($9.73 million) and is a joint investment by Shandong-based Qingdao Hailir Pesticides and Chemicals Group and Chinese steelmaker Shougang Group. Meanwhile, COSCO Logistics (Beijing) Co. is the northern unit of leading Chinese logistics company
China COSCO Logistics Co. (COSCO Logistics).