Thyssenkrupp has agreed to form a joint venture with Zhejiang Jingu and Ansteel to produce steel wheels in China to supply the local car industry, the German steelmaker said in a statement.

Thyssenkrupp will own 34 percent in the planned joint venture, Jingu will hold 51 percent and Ansteel will own the remaining 15 percent, the company said, adding the deal could close in a few months once approved by Chinese authorities.

Production volume is planned to be in the low single digit million range, Thyssenkrupp said.

Source: reuters.com