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By Xiao Wan (China Daily)
Updated: 2007-11-29 10:26

Beijing Shougang Co Ltd has revealed plans to set up a 6.4 billion yuan (US$865.5 million) venture to produce cold-rolled steel in the capital's eastern fringe Shunyi.

Related readings: Shougang launches worldwide recruitment Shougang in staffing drive Shougang confirms plant closure in time for Olympics Shougang to axe 21% of workers

Beijing Shougang and parent Shougang Corp will set up the venture with Beijing Automobile Investment Co, the Chinese partner of Hyundai Motor Co. The company will have registered capital of 2.6 billion yuan, Beijing Shougang said in a statement to the Shenzhen stock exchange yesterday.

Beijing Shougang will take a 70.28 percent stake in the venture by contributing fixed assets and capital and its parent will take a 9.72 percent by contributing land. Beijing Automobile will hold the remaining 20 percent stake by offering the cash, the statement said.

Shareholders of Beijing Shougang will meet on December 13 to vote on the joint venture plan, it said.

A new cold-rolled steel plant under the venture will start production this year.