Messer Signed Cooperation Agreement with Pangang     

On February 16th, Messer announced Messer Griesheim (China) Investment Co., Ltd. has signed a cooperative agreement with Panzhihua Iron & Steel (Group) Company (Pangang) and its subsidiary - Panzhihua New Steel & Vanadium Co., Ltd. (PSV).
    Messer and PSV will establish a joint venture named Sichuan Pangang Messer (PMG) in Panzhihua of Sichuan province. Messer will inject the capital of RMB300 million, for a 60% interest.
    The new company PMG will invest in new air separation units in phases to supply oxygen, nitrogen and argon for PSV to meet its growing needs. Meanwhile, both sides will cooperate in a wider area.
    It is a second joint venture between Messer and Pangang. Messer has a jv with Pangang's subsidiary - Chengdu Iron & Steel Co., Ltd. in Chengdu of Sichuan province, who has just celebrated its 10 years anniversary.
   PSV, a Chinese listed company (SZ: 000629), is the biggest rail-used steel manufacturer in China and No.3 vanadium products manufacturer in the world. Pangang, the biggest shareholder of PSV, is the largest steel and iron group in southwestern China.  
   Messer started investing in China in the middle of 90s and so far has 10 companies with a total investment of US$350 million and 1 200 employees in 2007. The steady and successful developments have allowed Messer to join the ranks of the major industrial gas providers in China.