Minmetals Development Co Ltd Chinese distributor of steel and metallurgical raw materials and also a subsidiary of Chinese state owned metals and mineral trading company China Minmetals Corp, will invest CNY 254 million (USD 38.8 million) to establish a wholly owned subsidiary Minmetals Logistics (Shanghai) Co Ltd and build a storage and logistics base covering about 58,430 square meters in the Baoshan district of Shanghai.

(Sourced from www.steelorbis.com)