On January 14, the board of directors of Fujian Province-based Chinese steelmaker Sansteel MinGuang Co., Ltd agreed to manage a 32 percent stake of Fujian Province-based Chinese steelmaker China International Steel Products Co., Ltd (China Steel Company), a move which is expected to pave the way for Sansteel MinGuang to acquire the 32 percent stake in the latter in the near future.
China Steel Company earned an operating revenue of RMB 2.547 billion ($384 million) and a net profit of RMB 12.2547 million ($1.8 million) in2010.
China Steel Company was established in 1984. The company has an annual production capacity of 800,000 mt of bar and 400,000 mt of high-speed wire rod.