Shougang to Build Coking Chemical Facility in Guizhou     

Beijing Shougang Company Limited (SZ: 000959) announced on December 12th the board of directors has agreed the 50% held Guizhou Shougang Investment Co., Ltd. to form a joint venture with local companies in Guizhou province, for building coking chemical facility in the province.
   The proposed joint venture is expected to have a register capital of roughly RMB400 million. Guizhou Shougang will subscribe RMB204 million for a 51% stake in the jv.
   The jv will build 2 million t/a coking plant, including 4 million t/a coal washing facility, 900 thousand t/a coking in two lines, 200 thousand t/a methanol unit.
   In addition, Beijing Shougang says it will purchase the other 50% stake in Guizhou Shougang from Sichuan Nanfang Hope Industry Co., Ltd. and make it wholly owned.
   These moves will help Beijing Shougang expand its business in southwestern China. Beijing Shougang is a leading steel maker in China, headquartered in Beijing.