(Yicai Global) Sept. 15 -- The recycling unit under Hangzhou Iron & Steel is in talks with Germany’s Scholz Group, the world’s biggest metal recycler, to build a factory that will carry out recycling, disassembling and cascade utilization work of new energy vehicles and their batteries.

Zhejiang New Century Renewable Resources Development and the Ravensburg-Erlen-based company have been in intense discussions and will pen a letter of intent to lay the ground for their future co-operation, the Hangzhou-based steel mill said yesterday.

Scholz is committed to offering advanced recycling solutions to end-of-life vehicle disassembling, metal and equipment manufacturing fields, it said earlier. The company runs 250 plants worldwide and has operations in six Chinese cities including Beijing and Shanghai.

China is the world’s biggest market for electric cars. Last year, 1.4 million units were sold in the country, 10.9 percent more than the year before, according to the Ministry of Industry and Information Technology.

Editor: Kim Taylor