Ryerson buys out service center joint venture in China

Tuesday, 13 July 2010 14:02:55 (GMT+3) |

Chicago, US-based distributor and processor of metals Ryerson Holding Corporation (Ryerson) announced on July 12 that via its subsidiaries it has acquired Van Shung Chong Holdings' (VSC) 20 percent stake in Ryerson China Limited, a joint venture between Ryerson and VSC formed in 2006, making it now a wholly-owned Ryerson subsidiary. Terms of the transaction were not disclosed.

According to the Ryerson statement, Ryerson China Limited was formed as a partnership with VSC and was previously known as VSC-Ryerson China Limited. Ryerson originally held 40 percent of the joint venture when the partnership was formed and subsequently increased its ownership to 80 percent in the fourth quarter of 2008.

Ryerson China Limited is based in Shanghai and operates processing and service centers in Guangzhou, Dongguan, Kunshan, Tianjin and Wuhan, along with a sales office in Shanghai.