BREAKING NEWS

BREAKING NEWS

Thyssenkrupp to form steel wheel joint venture with Jingu, Ansteel

Now Reading:

Thyssenkrupp to form steel wheel joint venture with Jingu, Ansteel

Thyssenkrupp to form steel wheel joint venture with Jingu, Ansteel
Text size Aa Aa

FRANKFURT (Reuters) - Thyssenkrupp <TKAG.DE> has agreed to form a joint venture with Zhejiang Jingu <002488.SZ> and Ansteel to produce steel wheels in China to supply the local car industry, the German steelmaker said in a statement.

Thyssenkrupp will own 34 percent in the planned joint venture, Jingu will hold 51 percent and Ansteel will own the remaining 15 percent, the company said, adding the deal could close in a few months once approved by Chinese authorities.

Production volume is planned to be in the low single digit million range, Thyssenkrupp said.

(Reporting by Christoph Steitz; Editing by Maria Sheahan)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.