On December 8 in Shanghai, WISCO Heavy Industry Group Co, a subsidiary of major Chinese steel producer Wuhan Iron and Steel Group Corporation (WISCO), signed an agreement of intent for a joint venture with France-based Fives Group, as stated by the China National Asset Administration Commission.
Accordingly, the two parties reached agreement concerning the establishment of a joint venture, though a timeframe for the construction of the joint venture facilities has not been disclosed. WISCO stated that it would expand its presence in the field of metallurgical machinery via cooperation with Fives Group.
Fives Group, a world leading industrial engineering group, designs and supplies process equipment, production lines and turnkey plants for the world’s largest industrial groups in the aluminium, steel, glass, automotive and logistics, cement, energy and sugar sectors.