Bisalloy Steel Group (ASX: BIS) has been granted a trading halt by the ASX pending a 'Cooperative Joint Venture with a leading Chinese steel producer' announcement, with the company's shares placed in pre-open.
Bisalloy Steel has not yet indicated which Chinese groups the company is in talks with, but last month confirmed talks had been conducted with Jinan Iron & Steel Co. regarding a joint venture in China.
The company is essentially looking at ways to improve efficiency and penetration of markets outside of Australia.
Currently Bisalloy Steel is Australia’s only manufacturer of quenched and tempered steel plate, with a distribution network locally along with Indonesia and Thailand.
The company recently said initiatives to build presence and deliver market share growth in Western Australia are proving successful.