Jiangxi Cement, CNBM Join Hands

SHENZHEN-LISTED Jiangxi Wannianqing Cement Co. said yesterday it plans to form a 1 billion yuan (US$132 million) joint venture with Hong Kong-listed China National Building Material Co. (CNBM).

The companies hope to jointly tap the cement market in the eastern province of Jiangxi through the venture, whose annual production capacity for high-grade cement would reach 30 million tons, Jiangxi Wannianqing said in a statement.

Tangshan Steel to issue convertible bonds

TANGSHAN Steel Co., a unit of China’s second-largest steelmaker by output, plans to offer up to 3 billion yuan (US$397 million) in five-year convertible bonds this year.

The proceeds will be used to repay bank borrowings for the construction of a 1.3 million-ton cold-rolled sheet mill and a 1 million-ton hot-rolled sheet mill, and upgrade coal gas systems, the Shenzhen-listed company said in a statement yesterday. Most of the projects have been completed or are about to be finished, the company said, adding that the convertible bond plan had yet to be approved by its shareholders.