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ALBA Group and Baowu Group launch automotive recycling joint venture-The 19th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
1/16/2018 Stainless Steel Exhibition |
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The ALBA Group, one of the world’s leading recycling, environmental services and raw materials providers, continues to forge ahead with activities in Asia. At the beginning of the year, ALBA International Recycling GmbH becomes 51-percent majority owner of Shanghai Baosteel Auto Recycling Co Ltd, one of the leading automotive recyclers in Shanghai. The joint venture is co-owned by Shanghai Baosteel Iron & Steel Resources Co Ltd, a company of the Baowu Group, which is China’s biggest and the world’s second biggest steel producer with an annual output of approximately 58.4 million tonnes.
The focus of Shanghai Baosteel Auto Recycling Co Ltd is on the environment-friendly processing and recycling of used vehicles and the trade in used vehicle parts. The business operates from a 60,000 square-metre site in central Shanghai.
The investment by way of a capital increase in Shanghai Baosteel Auto Recycling Co Ltd marks the entry into a further rapidly growing recycling market in Asia for the ALBA Group. There are more than 3.2 million vehicles in the greater Shanghai region and licences for recyclers there are very limited. In this market environment, the joint venture, which combines ALBA International Recycling GmbH’s many years of expertise with the extensive network of Shanghai Baosteel Iron & Steel Resources Co., Ltd. as a strong local partner, is set to be one of the leading players.
Dr Axel Schweitzer, CEO of the ALBA Group said “We are very pleased to be able to further deploy our knowhow in automotive recycling in Asia. Our aim is together with Baowu to establish a model for all of China and actively support the country in building a modern and sustainable circular economy. At the same time, we are further extending our strong position in the Chinese recycling sector.”
The ALBA Group in China
-The 19th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
- Stainless Steel exhibition,2018
Stainless Steel exhibition, China Stainless Steel exhibition,
Guangzhou Stainless Steel expo,Guangzhou
Stainless Steel exhibition, 2018 Stainless Steel expo,
China Stainless Steel expo
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