Changzhou Baoling Heavy Machinery Co., Ltd., a joint venture by BSEE, Mitsubishi/Hitachi and Mitsubishi Corporation through capital increase, unveiled yesterday. Its establishment is an important measure of Baosteel to speed up its gearing up with the internal level in metallurgical machinery manufacture, increase its capacity in key equipment design and manufacture and the technical integration for package equipment, and enhance its proprietary integration innovation capability and international competitiveness. Baoling Heavy Machinery, with registered capital counted as USD 37 million and total investments up to USD 95.79 million, was founded on Changzhou Metallurgical Machinery Factory, Changzhou Baoling Metallurgical Equipment Manufacture Co., Ltd., through capital increase by BSEE, Mitsubishi/Hitach and Mitsubishi Corporation, who hold respectively 50%, 30% and 20% shares of the JV. The JV term is agreed as 12 years. Baoling Heavy Machinery will bring the advantages of the three shareholders into full play and rapidly increase the manufacturing level of China for metallurgical equipment by fostering and enhancing its proprietary integration innovation capability, aiming at finally growing into a world topping manufacturer for heavy machinery. Baosteel president Xu Lejiang, Mitsubishi/Hitachi president Miyanaga Toshikazv and Mitsubishi Corporation executive vice president Hajime Katsumura do the unveiling. Present at the unveiling ceremony are relevant leaders from Changzhou authorities and Baosteel, delegates from Mitsubishi/Hitachi and Mitsubishi Corporation as well as those from users such as Anshan Steel, TISCO, Maanshan Steel, NSC and KAWASAKI Heavy Industries.
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