Shanxi Province-based Chinese stainless steel producer Taiyuan Stainless Steel, subsidiary of Taiyuan Iron and Steel Group, has announced its plan to invest $30 million to establish a wholly-owned subsidiary in Hong Kong named Taiyuan Stainless Steel Hong Kong, which will mainly engage in import and export trading activity.
According to Taiyuan Stainless Steel, the new company will independently embark on import and export trading of bulk raw materials, equipment and steel products. Most transactions will not be linked to the business of the parent company.