US says Zhongwang ‘flouted dumping rules’

    CHINA Zhongwang Holdings Ltd. yesterday said the U.S. Commerce Department found in a preliminary determination that some aluminum exports by the company to the United States flouted antidumping restrictions imposed in 2010.

    The Commerce Department initiated the investigation into China Zhongwang last year after the U.S. Aluminum Extruders Council alleged that the company evaded U.S. import tariffs on aluminum extrusions. The U.S. extrusion industry’s complaint asked the government to clarify that pallets and 5050 alloys are subject to the antidumping and countervailing duties introduced in 2011.

    PetroChina expands capacity of LNG terminals

    TOP Chinese oil and gas firm PetroChina Co. started up new storage tanks for liquefied natural gas (LNG) at two receiving terminals, getting ready to meet winter demand for the heating fuel, according to officials and an industry website.

    PetroChina started operating a 200,000-cubic-meter tank last week in Rudong, eastern Jiangsu Province, as well as regasification facilities and pipelines, according to a report published on the website of China Huanqiu Contracting & Engineering Corp., an engineering unit under China National Petroleum Corp. (CNPC), which is also the parent of PetroChina.

    Baosteel to have dual headquarters

    BAOSTEEL Group will have dual headquarters once the Shanghai-based steelmaker takes over smaller rival Wuhan Steel, domestic media reported earlier this week.

    Baosteel will have headquarters both in its home town of Shanghai and in Wuhan in Hubei Province, according to the reports. There are few companies in China which have two corporate hubs, which suggests that although Baosteel is taking over Wuhan Steel, the smaller company is retaining some influence over the structure of the takeover.

    Morgan Stanley venture partner to list shares

    CHINA Fortune Securities, a partner in a securities joint venture with Morgan Stanley, is set for a listing in Shanghai through an asset injection into property developer Shanghai China Fortune Co.

    China Fortune Securities holds a 66.67 percent stake in Morgan Stanley Huaxin Securities, with Morgan Stanley owning the remainder. Shanghai China Fortune will acquire a 92 percent stake in China Fortune Securities from three shareholders in the brokerage via an asset swap and issuance of shares.