It is reported that a subsidiary of Liaoning based Chinese steelmaker Benxi Steel Group, Benxi Steel Plate Co board of directors has approved three investment projects amounting to a total investment of CNY 77.89 million.

The projects in question include the construction of two JV companies, Tianjin Benxi Longxing Steel Service Co and Dalian Benruitong Steel Service Co as well as the acquisition of a stake in SinoSteel Shanghai Steel Service Co Ltd.

As regards Dalian Benruitong Steel Service Co, Benxi Steel Plate will hold a 65% stake with an investment of CNY 65 million, Hubei Huitong Industry and Trade Co will hold a 25% stake with an investment of CNY 25 million while Anhui based Wuhu Ruichuang Investment Co Ltd. will invest CNY 10 million to acquire the remaining 10% stake.

(Sourced from www.steelorbis.com)
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