6 Jun 2008
ERJ staff report (DS)
Chongqing, China -- Ansteel, a leader in the Chinese steel industry Bekaert are to set up a 50/50 joint venture to make steelcord in the Shuangqiao District within the Chongqing Municipality of China.
The investment will take place in phases. The first phase is scheduled to enter production in 2009 and involves a capital investment of Euro 40 million. Both companies will sign the investment agreement with the Shuangqiao District Government in Chongqing on June 8, 2008.
Geert Roelens, Group Executive Vice President of Bekaert, said, "with Ansteel being our partner in wire rod development and supply, as well as an industry leader with great knowledge of the local market, we are confident that this ... will be the start of an extensive and fruitful cooperation." Roelens also states that this project well addresses the westward development objectives and actions of the Chinese Government and of the customers to whom Bekaert wants to continue to ensure nearby support
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Press release from Bekaert
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