It is reported that on March 22nd Anhui Province based Chinese steelmaker Magang signed a JV contract with Japanese steel giant Nippon Steel.

The new JV Company called Maanshan Nippon-Sino Resource Recycling Technology Co is the result of investments by Magang Design & Research Institute Company and Nippon Engineering Technology Company. The two parties signed a letter of intent on November 20th 2009 eventually reaching a final agreement.

The new company will have a total investment of CNY 14 million, with registered capital of CNY 10 million. The Chinese company and its Japanese partner will hold 49% and 51% shares respectively in the JV.

(Sourced from www.steelorbis.com)