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China Shipping and Shougang set up shipping jv

China Shipping and Shougang set up shipping jv

Shanghai: China Shipping has agreed to establish a shipping joint venture with one of China's largest steelmakers, the Shougang Group, reports Chinadaily.

The shipowner will hold a 51% stake, while the steelmaker will hold the remaining shares in the jv. The venture, which will boast a registered capital of 100m yuan ($14.60m), is expected to begin operations in March.

Its main business will be to ship steel products from manufacturing facilities, including Shougang's, to the country's coastal regions and markets in Southeast Asia.  [08/01/09]