Shanxi Province-based Chinese steelmaker Shanxi Taigang Stainless Steel Co, a subsidiary of Taiyuan Iron and Steel Group (Taiyuan Steel or TISCO), has announced that it will invest an additional RMB 559 million ($88.45 million) in Tainjin-based Chinese company Taigang Tianguan Stainless Steel Co. Accordingly, the stake held by Taigang Stainless Steel in the latter company will increase from 50 percent to 65 percent.
Tainjin Taigang Tianguan Stainless Steel Co. is a joint venture company established in 2007 on a 50:50 basis by Taigang Stainless Steel and Tianjin-based company TOCO Investment Co.
Tainjin Taigang Tianguan Stainless Steel Co. is mainly focused on research, development and production of stainless steel plate. In the first 11 months of 2011, the total revenue of Taigang Tianguan amounted to RMB 2.536 billion ($401 million), while it recorded a net loss of RMB 11.1789 million ($1.759 million) for the period.
Taigang Stainless Steel invests additional RMB 559 million in Taigang Tianguan
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Plate Stainless Flats Stainless products China East Asia and Pacific Far East Steelmaking Investments Tisco
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