China Oriental Group to Establish Joint Venture Companies with ArcelorMittal

MT Newswires Live10-16

China Oriental Group (HKG:0581) and its substantial shareholder ArcelorMittal plans to create an upstream joint venture company to produce HRC substrates and other products, as well as a downstream joint venture company for NEMM products.

Each partner will own 50% of each of the JV companies upon their establishment, although the JVs will not become subsidiaries of the company, a Wednesday filing with the Hong Kong exchange said.

The iron ore and steel products company will engage its subsidiary, Jinxi, to supply slab products exclusively to the upstream JV to ensure a stable supply of raw materials for the production of HRC substrates.

The upstream JV will provide HRC substrates as the input materials for the manufacturing of NEMM products by the downstream JV.

Both parties will enter into a technology license agreement with the two JVs along with their respective subsidiaries, Jinxi and AAMS.

Price (HKD): $1.20, Change: $+0.010, Percent Change: +0.84%

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