Anshan Iron and Steel Group Corporation (Ansteel) inked a stock-swap contract with the Italy-based Vigano on August 30, marking the formal start of its first overseas steel-processing center, released Ansteel Monday.

The center, which has been named Ansteel Vigano Company, will mainly center on steel processing and steel products distribution, said the Chinese counterpart.

Over the recent years, Ansteel's business model has changed from its past exporting model of trading products to establishments of entire trading systems overseas.

According to Ansteel, Vigano is an Italian steel processing company with a major focus on silicon steel and galvanized coil processing.