German scrap recycler Alba and China's Baowu have set up a Shanghai-based joint venture for auto recycling, Alba announced on Friday. With a 51% interest, Alba will become the majority shareholder of Shanghai Baosteel Auto recycling, while Shanghai Baosteel Iron & Steel Resources -- part of Baowu -- will be junior partner. The business operates from a 60,000 square-meter site in central Shanghai.
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