Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has signed a cooperation agreement with Fujian Province-based Chinese steelmaker Fujian Yixin Iron and Steel Co., Ltd.
Accordingly, both parties will establish a joint venture company, in which Sangang Minguang hold 51 percent equity, while Yixin Iron and Steel will have 49 percent equity. Meanwhile, the new company will have 1.22 million mt of ironmaking capacity and 1.35 million mt of steelmaking capacity annually.