Companies should consider outside investment, mergers, premier says Premier Li Keqiang promised more incentives to boost high-end manufacturing in China during a visit to Huaxiang Group, a private steel-casting company in Linfen, Shanxi province－part of a two-day visit to the area on Monday and Tuesday. The company's moves to retain top-level professional engineers have brought success, turning it into a…

It is reported that Chongqing Lifan Passenger Vehicle, a subsidiary of motorcycle maker Lifan Industry will construct a vehicle component export base in Chongqing Tongxing Industrial Park. According to the agreement signed with the government of Chongqing Beibei district, Lifan Passenger Vehicle will make an advance payment of CNY 35.28 million within 15 days and will register a company in Beibei district…

A foundry of Hebei Iron and Steel Group Co Ltd in Zhangjiakou, Hebei province. (Photo provided to China Daily) Losses continued to mount for steelmakers in China during October, as the sector, once the mainstay of economic growth, reeled from overcapacity and waning demand. Large and medium-sized iron and steel smelters posted combined losses of 14.8 billion yuan ($2.3 billion) in October, down 27.8 percent…

MAGMA’s User Group Meetings (UGM) are conducted by the local MAGMA entities mostly every year in all of our territories. Due to its limited space Singapore has a very small casting market with only few remaining foundries so we extend our invitations to our “neighbors” from Malaysia, Indonesia, Thailand, Philippines and Vietnam. Even though it’s difficult to find time in their busy schedules and travel for…

China Knowledge reported that Maanshan Iron & Steel Co Ltd a leading Chinese steelmaker suffered a loss of CNY 468 million in the first quarter of this year whereas it earned CNY 106 million in the same period of 2011. The company said that the huge loss was due to a larger decline in steel prices than the drop in raw material costs. The steel maker realized CNY 19.50 billion in operating revenue in the…

China Knowledge reported that Maanshan Iron & Steel Co Ltd, the mainland's second-largest steelmaker has seen gradual growth in its auto steel plate sales in recent months. In May, the company received orders for 45,000 tonnes of auto steel plate products, two times more than orders at the end of 2008. Maanshan Steel attributed the order increase to successful R&D activities and sales promotion. A recovery…

Magna International Inc., announced yesterday that its Magna Steyr operating unit continues to strengthen its worldwide network of engineering services by opening a new engineering center located in the Tiexi District of Shenyang, China. Magna Steyr, represented by Karl-Friedrich Stracke, President Fahrzeugtechnik & Engineering of Magna Steyr, was joined today in an opening ceremony by government officials.…

Magna Powertrain, an operating unit of Magna International, has started the construction of its $68m new greenfield manufacturing facility in the Tianjin Airport Economic Area in China. The new facility will be over 13,500 sq m and can employ 400 people at full production. The company said that the decision to launch the production centre is the result of the application by the consortium Volkswagen of rear…

Magna announced that its HASCO Magna Electric Drive Systems Co., Ltd. (HME) team in China has started high-volume serial production of secondary eDrive systems for Volkswagen's Modular Electric Drive Toolkit (MEB) platform. Specifically, Magna produces eDrive units for the Volkswagen ID.4 electric crossover, but it actually could be used in other MEB models from the Volkswagen Group as well. Magna's…

Daimler plans Mercedes-Benz Museum for Beijing • Second ever Mercedes-Benz Museum wordwide • Core element of the planned Mercedes-Benz Cultural Center in Beijing • Clear sign of long-term strategic commitment to China Beijing – Daimler is underlining its commitment to China with a visionary construction project. Hubertus Troska, Daimler’s Board Member for Greater China, announced at an event in Beijing on…