Japan’s Maruichi Steel Tube Ltd. has announced that it has dissolved the joint venture (JV) agreement for Maruichi Metal Product (Foshan) Co., Ltd. (MMP), a JV with Taiwan’s Chang Yee Steel Co., Ltd. and three other companies, and has signed an equity transfer agreement to transfer all of Maruichi Steel Tube's shares in MMP to Large Crown Limited, a wholly owned subsidiary of Chang Yee Steel.

Maruichi Steel Tube established MMP as a JV with Chang Yee Steel and three other companies in April 2005 to supply Japanese-quality automotive steel pipes in China. After nearly 20 years of operations, Maruichi Steel Tube has decided to dissolve the JV to enable more flexible, efficient management and concentrate the group's management resources for MMP’s future growth.