Hong Kong listed Angang Steel has announced it is to establish an industrial gas company together with Angang Engineering Construction Group Co. Ltd and Angang Group General Industries Development Co. Ltd.
The new gas company formed by the three parties will produce and sell various types of industrial gases.
These will include cryogenic liquids, metal cutting gases, vehicle gases, LPG, compressed gases, high purity gases, and medical gases.
Registered capital for the new entity will stand at RMB 45m ($7.2m approx.), of which Angang Steel, Angang Construction and Angang Industries will contribute (in cash) RMB 18m, RMB 22.9m and RMB 4.1m, respectively.
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