October 30, 2008
Rankin Industries Announces Joint Venture in China to Form Rankin Alloy (Jinzhou) Company
SAN DIEGO, Oct. 30 /PRNewswire/ -- Rankin Industries, Inc. today announced a joint venture has been signed with Jinzhou Special Welding Electrode Co., Ltd. to form Rankin Alloy (Jinzhou) Co., Ltd. The new company was created to offer China a reliable source of domestic manufactured, world-class quality flux cored stainless steel and hardfacing welding wires, to provide a high level of technical support to customers, and provide leading hardfacing technology to the market.
About the Parties:
Rankin Industries, Inc., President Richard A. Ferry says "Rankin will bring flux cored wire manufacturing, processing, and formulation know how to the joint venture. Rankin also brings extensive experience in marketing hardfacing products in the U.S. and global arena."
About Welding Demand:
The world output of steel is a leading indicator of the worldwide demand for welding products. According to the World Steel Association (formerly the International Iron and Steel Institute), the 2006 world output of crude steel reached 1,240 million metric tons (mmt), up by nearly nine percent from 2005. World steel production in 2007 grew to 1,344 (mmt), an increase of more than seven percent. China's economic growth has continued to fuel a huge demand for welding products. Energy, mining, construction, and agriculture are significant users of welding products. The welding material market increases with the growth of steel material consumption. In 2007, the consumption of crude steel in China was 434 million tons, up nearly 12 percent. In 2008, China's consumption of crude steel is expected to be more than 35 percent of total world consumption and rise by 11 percent.
Terms of the agreement were not disclosed.
Rankin(R) Industries is a designer and manufacturer of a full range of build-up and hardfacing products and specialty alloys. Its sister companies include Broco(R), Inc., the world leader in exothermic cutting and underwater welding systems; and Strong Welding Products(R), Inc., which offers a selection of cost-effective welding products. The companies serve the industrial maintenance and repair market. Visit http://www.rankin.com/ for more information.
Rankin Industries, Inc.
CONTACT: Marylou Ferry, +1-909-483-3222, ext. 350, for RankinIndustries, Inc.
Web site: http://www.rankin.com/