It is reported that Huaneng Power International wind power project received approval from the Dalian Development and Reform Commission. The project, located in Wafangdian City will have installed capacity of 48 megawatts in the first phase. Huaneng Power will invest CNY 495 million in the project, 20% of which is self running capital. The remaining 80% will come from bank loans.

China Knowledge reported that Huayu Automotive Systems Co Ltd an automobile and agricultural machine maker plans to acquire around CNY 316 million worth of assets from parent firm SAIC Group which also controls SAIC Motor Corp Ltd. According to a statement on December 10 released by the Shenzhen listed firm, the buyer will acquire entire equities of Shanghai Sandmann Foundry Co Ltd for CNY 38.78 million a…

ET reported that Nippon Steel Corporation and TATA Steel Limited are in talks to set up a blast furnace facility in India through a JV. The proposed furnace, to be set up with an estimated investment of JPY 200 to JPY 300 billion and with a production capacity of 3 million tonnes a year, is expected to start production in 2013. Nippon steel is eyeing the venture to increase its production in India and other…

SMS Meer has invested EUR 22 million in a new production site in Shanghai. The site was officially opened on October 28th at a ceremony attended by 250 guests. The Shanghai site will manufacture complete machines for the Chinese market and components for customers around the world. With its combination of European design and manufacturing capacity in China, SMS is pursuing a distinctive strategy within the…

SHANGHAI: Shanghai steel futures hit a four-week high on Friday, as investors shrugged off an early steep fall due to a global commodity selloff to focus instead on a price rally in raw material iron ore. Global equity and commodity markets tumbled overnight on concerns about a US Federal Reserve plan to scale back its bond-buying stimulus now the US economy is expanding more strongly. The most-traded…

China Knowledge reported that Sinotruk Ltd, the Hong Kong listed arm of China largest heavy truck manufacturer, China National Heavy Duty Truck Group and Chengdu Wangpai Motor Group recently launched a commercial vehicle joint venture. According to an agreement signed between Sinotruk and Chengdu Wangpai, the two companies will set up a new commercial vehicle plant with annual production capacity of 400,000…

According to Mr Pan Qing executive director of Sinotruk, Sinotruk may cooperate with MAN Group, the world’s third largest commercial vehicle manufacturer in the area of buses and light trucks. The two companies currently cooperate in heavy trucks. MAN purchased a 25% stake in Sinotruk for EUR 560 million in 2009.

STABILITY:The US$62.46 million investment would give China Steel access to 30,000 to 32,000 tonnes of ferromanganese a year, or about one-third of its needs China Steel Corp yesterday said it was planning to invest US$62.46 million to participate in a joint venture in Malaysia to secure access to ferromanganese — an additive used for manufacturing steel products — and to save costs. Through the proposed…

Supplier of imported metal ore, China Armco Metals proclaimed that it has supplied its first consignment of 150,000 tonnes of iron ore worth USD 19.8 million from Mineracao Usiminas, a Brazil based steel manufacturer. As per the supply agreement, China Armco Metals will deliver 9.5 million tonnes of steel annually and is the first company to help Mineracao Usiminas to supply its iron ore to China. The first…

China Armco Metals Inc announced that Armet Renewable Resource Company Ltd its wholly owned subsidiary has signed a contract to supply a major Chinese steel producer with up to 230,000 tonnes of scrap steel in 2010. The contract calls for the delivery of up to 23,000 tonnes of scrap steel per month for 10 months beginning in March 2010. Based on the current spot price of scrap steel, this supply contract is…