ThyssenKrupp Steel Europe, a subsidiary of Germany-based steelmaker ThyssenKrupp, has announced that it has signed contracts with Chinese steel wheel manufacturer Jingu and Chinese steel producer Ansteel for a joint venture to produce lightweight and steel design wheels for the auto industry in China.
Accordingly, the main shareholder will be Jingu with 51 percent, while ThyssenKrupp Steel Europe will hold 34 percent and Ansteel 15 percent. The Chinese competition authorities are now examining the tie-up. The closing could take place in a few months.
According to ThyssenKrupp Steel Europe, the aim of the joint venture is to develop market potential for lightweight and steel design wheels with innovative products.