China's Shougang plans to set up $867 mln steel mill

Newswire

SHANGHAI, Nov 28 (Reuters) - Chinese steelmaker Beijing Shougang Co. Ltd. said on Wednesday it plans to set up a 6.4 billion yuan ($866.5 million) cold-rolled steel business with its state parent and the Chinese partner of South Korea's Hyundai Motor . Shougang plans to take a 70.28 percent stake in the joint venture, which will have a registered capital of 2.6 billion yuan and total investment of 6.4 billion yuan, by contributing fixed assets and capital, it said in a statement. Its ...

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