Erasteel and HeYe Special Steel have announced the two companies will enter into a strategic agreement under which they will cooperate together on commercial matters on a world base and on industrial matters in China.
As part of this arrangement, Erasteel will participate in the capital increase of HeYe and will hold 10% of the outstanding shares for around €13 million.
Erasteel, part of the Alloys Division of Eramet, is the world’s leading producer of high-speed steels, used mainly in the production of cutting tools. Erasteel has established strong positions in high added-value products, particularly high-speed steels made using powder metallurgy. The industrial sites of Erasteel are located in France, Sweden, United Kingdom, United States and in China.
HeYe is a joint venture company using Chinese and Foreign Investment. Its holding company is Advanced Technology and Materials Co.,Ltd, (AT&M) in China. AT&M focuses its business on R&D and manufacture of new metallic materials and products and was established by China Iron & Steel Research Institute Group (CISRI), a large state-owned scientific research institute, in 1998.
Edited by: Paul Whittaker, Editor ipmd.net, [email protected]