Shougang and Tangshan Baoye to set up joint mill

China's Beijing-based government-owned major steel mill Shougang Group (Shougang) and major private iron and steelmaker Tangshan Baoye Iron and Steel Group have inked a framework agreement to co-establish a production base in Hebei Province in the north of China.

With 2.5 million tons per annum of sheet and plate production capacity, the new joint venture is planned to be completed by 2010 with a majority stake to be owned by Shougang.