We have entered into an Alliance Agreement with Sinohydro Corporation Ltd (Sinohydro), a wholly owned subsidiary of Power Construction Corporation of China, a Chinese state owned enterprise (SOE). Pursuant to the Alliance Agreement with Sinohydro (Alliance Partner), PowerAsia shall identify specific energy and infrastructure projects that the Alliance Partner may elect to participate with the Company on a joint venture basis.
Power China provides a comprehensive and full-range of services from planning, investigation, designing, consulting, civil works construction to M&E installation and manufacturing services in the fields of hydropower, thermal power, new energy and infrastructure. Their business also extends into real estate, investment, finance, and O&M services.
Power China has a world-class construction capacity, including the annual capacity of 300 million m3 of earth and rock cutting, 30 million m3 concrete placement, 15,000 MW of installation of turbine-generator units, 1-million-ton of metal fabrication works, 5-million m3 of foundation grouting as well as 540,000 m3 of construction of impervious walls.Power China has a total assets of RMB 350.83 billion yuan, annual revenue of RMB 226.3 billion yuan and 200,000 employees. Power China performed 1336 overseas contracts in the fields of engineering construction, design consultation and equipment manufacturing in 95 countries.
Magang (Group) Holding Co., Ltd. (Masteel) has its main undertaking as an iron and steel corporation in China which was founded in 1958. Presently Masteel ‘s production capacity amounts to 18 million tons of steeland its total assets amount to more than RMB 90 billion. The group has total sales of RMB 92.3 billion. It is among the top 20 steel enterprises in the world, Masteel ranks No. 19 as per SBB (Steel Business Briefing).
Its business mainly involves Iron & Steel industry, mineral resources industry and other diversified industry. Its iron & steel business is Maanshan Iron & Steel Co., Ltd. which is mainly engaged in ferrous metal smelting and rolling processing and product sale and support services. Masteel’s mineral resource industry is mainly in iron ore with its business in Magang Mining Corporation which includes Nanshan Mine, Gushan Mine, Taochong Mine, Luohe Mine and Zhangzhuang Mine. Masteel’s diversified industry covers finance, environment protection, logistics, trading, engineering, steel structure, equipment manufacturing and erection, technology consulting and labor services, etc.
Looking into the future, Masteel will speed up its upgrading in structure and fully increase its competitiveness in market, technical exploration ability and risk resistance ability. Masteel has a total staff of over 60,000 people.
Anshan Iron and Steel Group Corporation (Ansteel Group) is a Chinese state-owned steel maker. The corporation was under the supervision of State-owned Assets Supervision and Administration Commission of the State Council. It is headquartered in Anshan, Liaoning. According to World Steel Association (Chinese companies’ data was provided by China Iron and Steel Association), the corporation was ranked the 7th in 2016 the world ranking by production volume and 4th largest in Mainland China. It has a Hong Kong listed subsidiary Angang Steel Company Limited.
Ansteel is engaged in producing and selling steel products as billets, cold rolled sheets, colour coating plates, wire rods, thick plates and heavy rails and ship plates, galvanized sheets, cold-rolled silicon steel, pipeline steel products, and steel ropes. The company currently produces some 33 Million Tonnes per annum of steel and has plans to increase production to more than 50 Million Tonnes per annum with major industry rationalisation. It has total assets of US$51 billion and employs 220,000 people and is 402 on the Forbes list of the world’s best employers.