Wuhan Iron & Steel, China Steel set up joint venture

Wuhan Iron & Steel (Group) Corp and Taiwan-based China Steel Corp have established a joint venture with an investment of 182 million yuan ($29.21 million), in a bid to enter the environmental protection industry.

The two steel firms will jointly set up a 100 mu (6.67 hectare) production base for selective catalytic reduction technology, or DeNOx, which is used to deal with chemical pollution in the air.

Bilateral cooperation on the environmental protection business dates from 2003 when the two companies invested 10 million yuan to set up Wuhan Huade Ecotek Corp. Over the next few years, they will also seek business opportunities in areas including production technology, environmental protection and raw materials.