(Yicai Global) June 22 -- Zhejiang Jingu will team with ThyssenKrupp Steel Europe and Angang Steel (Ansteel) to set up a steel wheel joint venture in Zhejiang province in East China.

Jingu agreed with Germany's ThyssenKrupp and Ansteel based in northeast China yesterday to form the JV, the Zhejiang-headquartered steel wheel maker announced the same day.

Jingu will invest CNY5.1 million in cash to take a 51 percent of stake in the venture and ThyssenKrupp will hold 34 percent for CNY3.4 million in cash, while CNY1.5 million will buy Ansteel the rest, the announcement stated.

The JV is expected to manufacture and sell steel wheels with globally-acclaimed high-quality standards, and will research, develop and market new products, per the announcement, which withheld further details such as plant construction, production timetable and production capacity.

Jingu will designate a chairman and nominate a general manager to the JV. ThyssenKrupp will appoint a deputy chairman, and ThyssenKrupp and Angang will each name a deputy general manager, per the announcement.

Editor: Ben Armour