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A unit of China's largest steelmaker, Shanghai Baosteel Group, a truck maker and Japan's Sumitomo have signed an agreement to set up a joint venture to produce metals used for vehicle production.
Shanghai Baosteel International Economic & Trading, together with China FAW Jiefang and Sumito will invest 176 million yuan (US$21 million) in the venture to produce metal prodoucts. The company did not provide a breakdown of the ownership of the joint venture, which will mainly supply metals for use in FAW's truck production, sources say.
(Shenzhen Daily December 22, 2004)
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