Erasteel and Chinese company Advanced Technology & Materials Co Ltd (AT&M) have signed a memorandum of understanding.
Erasteel and Chinese company Advanced Technology & Materials Co Ltd (AT&M) have signed a memorandum of understanding.

Erasteel, a 100% subsidiary of Eramet, and Chinese company Advanced Technology & Materials Co Ltd (AT&M) have signed a memorandum of understanding concerning the future of the company’s activities in China.

Erasteel is expected to sell its 10.29% stake in Heye Special Steel Co Ltd to AT&M, Heye’s majority shareholder. The transaction should take place in the second half of 2017 for 109.5 million yuan, i.e. approximately €15 million.

AT&M has also announced that its subsidiary, Heye Special Steel Co Ltd, will sell its 51% stake in HEIML (Heye-Erasteel Innovative Materials Co Ltd), and it is envisaged that Erasteel could acquire this stake, the companie says. Currently, Erasteel owns 49% of HEIML’s shares. Heiml is a Chinese company based in Tianjin, specialised in bars drawing and wire drawing of high-speed steel.

This story is reprinted from material from Erasteel, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.