China – China Metal Recycling (CMR), said to be the largest scrap metal recycler in mainland China, has signed an agreement to establish a joint venture in Tianjin.
According to reports, its wholly-owned subsidiary CMR (Tianjin) Investment Co. will team up with state-owned Tianjin Dawufeng Steel Development Co. (TDSD) and 11 scrap metal recyclers to build a metals processing centre with an annual capacity of 5 million tonnes. CMR plans to invest RMB 200 million (US$ 30 million) in the joint venture, accounting for a third of the company’s registered capital of RMB 900 million. TDSD will hold a 37.5% stake in the venture while the combined share of the other 11 scrap metal recyclers will amount to 29.17%.
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