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PrintChina Knowledge reported that Panzhihua Iron & Steel Co inked an agreement with China Railway Materials Commercial Corp to jointly expand production capacity, in a bid to meet the country's construction demand.
According to a statement released by the State-owned Assets Supervision and Administration Commission China Railway Materials will spend CNY 7.2 million in acquisition of an unspecified shareholding in Pangang Group's Meishan unit. It said Pangang Group's Meishan unit has an output capacity of 30,000 tonnes of rail steel per year.
In June this year, Pangang Group has won approval from shareholders for its group listing plan.
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