Wuhan Iron and Steel sets up gas JV with China Resources

Wuhan Iron and Steel (Group) Corp set up a gas joint venture on Tuesday with China Resources (Holdings) Co Ltd, the 21st Century Business Herald reported, citing an unnamed source at the steel group.

In addition to the gas business, Wuhan Iron and Steel — one of the top three steel companies in China — also plans to set up a joint healthcare business with China Resources through hospitals affiliated with the steel company.

Talks are also ongoing to introduce the retail business of the Hong Kong-based China Resources into Wuhua, Hubei province, the newspaper said.

Officials from the steel group will take the positions of chairman and chief financial officer of the joint venture, while officials from China Resources will take the posts of general manager and deputy CFO of the joint company.