Birmingham, Alabama, September 8, 2011 — McWane, Inc. has entered into a joint venture with Xindia Steels Limited. A dedication ceremony was held on August 24, 2011, at the Pellet Plant located in Koppal, Karnataka (India) to commemorate this groundbreaking joint venture between McWane, four Chinese companies and several Indian partners, collectively Xindia Steels Limited.
It was announced at the event that there are long term plans to expand the iron ore pellet plant into an integrated steel making facility, producing between 800,000 tons to 2.5 million tons per year.
Xindia Steels Limited primary investors are two major Chinese State Owned companies: the Xingxing Cathay International Group, which is among the world’s largest pipe producers and among the top 500 companies in China and the China Minmetals Group, a diversified trading and Fortune 500 Company with annual revenues of over $38 billion.
McWane, Inc., a diversified industrial company located in the U.S. with worldwide operations, Hongda Iron & Steel Group and Joinus Venture Capital Company, Ltd. (both from China), joined this cross cultural team as new shareholders as it embarks on this new growth.
Mr. Phillip McWane was among those who spoke to those gathered at the ceremony, which included the Honorable Chief Minister of Karnataka, Shri Sadananda. This important occasion included the unveiling of a new logo for the company. Also attending the ceremony was H. E. Mr. Zhang Yan, the Chinese Ambassador to India; Shri Murugesh R. Nirani, the Minister for Large & Medium Industries; and Shri Laxman Savade, the Minister for Cooperation, Government of Karnataka, along with a host of other senior officials from the State Government.
About McWane Inc.
McWane, Inc. is a family-owned business based in Birmingham, Alabama, with companies across the United States and the world. At the McWane Family of Companies, we cast ductile iron products--including pipe, valves, hydrants, fittings, and plumbing products--manufacture fire extinguishers, fire suppression systems, steel pressure vessels, and build network switches and monitoring equipment. We are the leader in delivering clean, safe drinking water around the world while focusing on the safe, environmentally-friendly manufacturing of our products. With more than 6,000 team members McWane has a longstanding commitment of support to the communities where we live and work.