China’s Anshan Iron & Steel Group Corp has signed a deal with UK group Stemcor to set up a JV.
Anshan, the state-owned parent company of Ansteel based in northeast China, and Stemcor will each hold a 50% stake in the new company.
Its functions include planning and implementing investment programmes of the two collaborators, said Li Dongwei, vice manager of international business.
The JV, to be based in London, is expected to start operation in March and will purchase about two thirds of British USS Ltd.
USS specialises in coil slitting for the construction industry and is based in Halesowen, UK. It can slit coils weighing up to 25t, thickness ranging from 0.33-3.50mm and width ranging from 400-1525mm.
The majority of material slit is galvanised coil, mainly direct for end-users with some slitting undertaken on behalf of third parties. Typical customers are UK-based section rollers serving the construction industry.