SGIS Songshan and Baosteel Special Steel to set up JV

Guangdong Province-based Chinese steelmaker SGIS Songshan Co., Ltd (SGIS Songshan), a subsidiary of Guangdong-based steel producer Shaoguan Iron and Steel Co., Ltd (SGIS), has announced that it will set up a joint venture company called Baosteel Special Steel Long Products Co.,Ltd (Baosteel Special Steel Long Products) together with Baosteel Special Steel, a subsidiary of major Chinese steelmaker Baosteel. SGIS Songshan will hold a 49 percent stake in the joint venture, while Baosteel Special Steel will hold 51 percent. The two companies’ joint investment will amount to a total value of RMB 2.8 billion.