Liaoning Province-based Chinese steel producer Anshan Iron and Steel Group has announced that it has signed an agreement with Stemcor, the world's largest independent steel trader, to set up a joint venture holding company in the UK called Anshan Steel UK Holding Company which will acquire the USS processing center.
The joint venture company will acquire a two-thirds stake in the USS processing center.
The investment is in line with Anshan Steel's general development strategy for the expansion of its overseas business.