On April 27, Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) announced that it will transfer its 50 percent stake in its joint venture high-strength galvanized automotive sheet production project in Chongqing, southwestern China, to its partner in the project, Xichang Steel and Vanadium Co., a subsidiary of Sichuan-based Chinese steel producer Pangang Group .
Ansteel stated that as of July 31 last year the total estimated value of the joint venture company amounted to RMB 103 million, with Ansteel's stake valued at RMB 51.5644 million.
The joint venture production facility is expected to commence operations in October this year, with a designed annual output capacity of 450,000 mt.
Ansteel said that, based on its analysis of the steel market in China, it has decided to shift its focus to the southern and eastern regions of China.