Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has announced that it plans to invest RMB 100 million ($15.2 million) in setting up a wholly-owned subsidiary, Zhangzhou Minguang Iron and Steel in Fujian Province (Zhangzhou Minguang), which will take over Fujian Province-based Zhenghe Steel Pipe Co. (Zhenghe Steel Pipe) and manage the related assets issue.
Previously on November 21, 2017, Sangang Minguang paid RMB 170 million ($25.8 million) in purchasing the land, constructions and equipment belonged to Zhenghe Steel Pipe.