Shougang to Join Auto Company

Shougang Group said the company is planning to take over Beijing Auto Investment and set up an automobile joint venture Beijing Automobile Holdings Co., Ltd, in which it will take 18.31 percent of shares.

The cooperation between the two companies can date back to 2003 when Shougang bought 23.62 percent of Beijing Auto Investment for 500 million yuan. In August 200, Shougang Group, Beijing Shougang and Beijing Auto Investment set up Beijing Shougang Cold Rolled Sheet Company. With the help of the investment company, Shougang has received spare parts orders from Beijing Hyundai, Beijing Benz-Daimler Chrysler, Beijing Foton and Beijing Automobile Works.