Hubei Province-based Wuhan Iron and Steel (
WISCO),
China's third-largest steelmaker, announced on February 24 that its wholly-owned subsidiary
WISCO Metal Resources will establish a joint venture in the Qingshan district of Wuhan with
Singapore-based EnGro Corporation.
The new joint venture, Wuhan Wuxin New Building Materials, will specialize in the production and sale of slag cement, i.e., ground granulated blast furnace slag (GGBFS).
Wuhan Wuxin New Building Materials will have a registered capital of RMB 80 million ($12 million), of which RMB 53.6 million ($8.2 million) will be provided by Metal Resources, with RMB 26.4 million ($4 million) given by EnGro. Metal Resources will hold a 67 percent stake in the joint venture, while EnGro will hold 33 percent.