It is reported that Jinan Iron and Steel Co Ltd plans to establish a joint venture with Australian steelmaker Bisalloy Steel Group Limited for the production of quenched and tempered steel plate.

The total investment in the joint venture will be USD 3million with USD 2 million invested by Jinan Steel and the other USD 1 million invested by Bisalloy Steel Group.

The annual output capacity of the joint venture is expected to be in the range of 50,000 tonnes to 150,000 tonnes.