Van Shung Chong to expand mainland steel production

Van Shung Chong Holdings said it plans to acquire a 70% stake in a Guangzhou steel plant for US$29 million from a Kobe Steel Shinsho Corp joint venture. The Hong Kong-listed steel distributor and processor said it will invest another US$20-30 million modernizing and restructuring the factory, which will be its sixth mainland facility. The plant has a 100,000-ton annual production capacity.