Major Chinese steel producer Hebei Iron and Steel Group Co. has announced that it plans to set up a wholly-owned trading subsidiary called Beijing Hegang Iron and Steel Trade Co. in Chaoyang, Beijing, with an investment of RMB 100 million ($16.4 million) from its own funds.
Hebei Steel Group stated that the establishment of the new subsidiary will improve its marketing effectiveness and boost the group's advantage in resource sharing.
Source:
http://www.steelorbis.com/steel-news/latest-news/hebei-steel-group-to-set-up-trading-subsidiary-in-beijing-803613.htm
