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China Shipping and Shougang set up joint venture

By Jiang Wei (chinadaily.com.cn)
Updated: 2009-01-08 15:35

China Shipping said in a statement it has agreed to establish a shipping joint venture with Shougang Group, one of China's largest steelmakers.

The joint venture, with a registered capital of 100 million yuan ($14.60 million), will be 51 percent owned by China Shipping. The remaining shares will be held by Shougang.

The joint venture company is expected to begin operation in March.

Its main business will be to ship steel products from manufacturing facilities, including Shougang's, to the country's coastal regions and markets in Southeast Asia.