Stemcor, the world's largest independent steel trader, has announced the establishment of a joint venture with China-based steelmaker Anshan Iron and Steel Group in order to market Anshan's steel products in Spain and Portugal.
Under the terms of the JV agreement, a new company called Ansteel Spain SL will be responsible for trading and distributing Anshan's wide range of products throughout the Iberian Peninsula.
Commenting on the agreement, Stemcor's executive chairman Ralph Oppenheimer said, "Anshan and Stemcor have been trading together for over ten years. This joint venture strengthens our relationship and provides a platform for the marketing of Chinese steel in Iberia."