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PRAXAIR AND SHANGHAI COMPANIES FORM JOINT VENTURE

 DANBURY, Conn., Oct. 8 /PRNewswire/ -- Praxair, Inc. (NYSE: PX) and two companies in the People's Republic of China have formed a joint venture company, Praxair Baosteel Inc. The new company will build facilities in order to market industrial gases, both as liquids and in cylinders, to a variety of industries in the greater Shanghai area. Praxair's partners are Baoshan Iron & Steel Corporation and Shanghai Yue Pu Industry Company, both based in Shanghai.
 The $21 million project includes a 330 tons-per-day liquefier and associated liquid storage facilities to be built on Baoshan Iron & Steel property, with operations scheduled to start up in the fourth quarter of 1995. Feedstock for the liquefier will be provided by existing air separation plants currently operated by Baoshan Iron & Steel.
 At a separate nearby site, the joint venture also will build cylinder-gas filling and handling facilities, a customer service center, distribution facilities, and administrative offices. These facilities are expected to be ready for operation in 1994.
 "Expanding our business in the People's Republic of China is a key element of Praxair's strategy for growth in Asia," said Jose L. Travassos, Praxair's vice president-Asia. "We intend to be a major participant in China's programs to strengthen and modernize its industrial infrastructure."
 Praxair and Baoshan Iron & Steel each hold 47.5 percent equity in the joint venture, with Yue Pu holding the remaining five percent. Baoshan Iron & Steel is the largest steel producer in Shanghai, producing 4.8 million tons in 1992. Yue Pu is a diversified industrial company.
 This is Praxair's second joint venture in the People's Republic of China. In 1992, Praxair and Beijing Oxygen Company formed Beijing Praxair, Inc., to supply gases to primarily chemical and petrochemical producers. Facilities with a capacity of 1,500 tons per day, along with China's first industrial gases pipeline network, are currently under construction in the Dajiaoting district of Beijing, and are scheduled to start up in 1994.
 Together, the Shanghai and Beijing ventures give Praxair the largest industrial gases presence in China, with a total of 1,500 tons per day of gaseous products, more than 500 tons per day of liquid products, and cylinder-gases businesses in both cities.
 Praxair is the largest industrial gases supplier in North and South America, and one of the largest worldwide, with 1992 sales of $2.6 billion. The company also is a leading worldwide supplier of metal and ceramic coatings and powders.
 -0- 10/8/93
 /CONTACT: Susan Szita Gore of Praxair, 203-794-5593/
 (PX)


CO: Praxair, Inc.; Baoshan Iron & Steel Corporation; Shanghai Yue Pu
 Industry Company ST: Connecticut IN: SU: JVN


MP -- NY017 -- 0105 10/08/93 11:17 EDT
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Publication:PR Newswire
Date:Oct 8, 1993
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