Fives, Wisco Sign Joint-Venture Agreement
Fives and Wisco, China’s third-largest steelmaker, signed an agreement that creates a production joint venture in China and finalizes a contract to supply a steel production line dedicated to the automotive industry. The new joint venture, which will be based in Wuhan, gives Fives access to local production for the equipment it designs. The contract involves the supply of a high-end steel strip annealing line to Wisco’s new production site at Fang Cheng Gang. The line will have a production capacity of approximately 1 million tons per year and will be equipped with advanced energy and environmentally efficient technologies designed by Fives.