September 08, 2008

Wuxi Seamless and Liaonin form seamless pipe JV

Xinhua reported that Wuxi Seamless Oil Pipe Co Ltd recently signed an agreement with the Liaoning Large sized Steel Pipe Manufacture Co Ltd under Liaoning Shenxin Group to build a joint venture.

As per report the joint venture will require CNY 100 million of investment and is designed to produce 300,000 tonnes of seamless steel pipe and special petroleum pipe each year.

The joint venture expects to realize CNY 5 billion of output and CNY 200 million of pre tax profits annually.