Germany’s Thyssenkrupp is forming a joint venture with Zhejiang Jingu and Ansteel to produce steel wheels in China to supply the country’s growing auto industry, the steel maker said Thursday.

Thyssenkrupp will own 34 percent of the planned joint venture, China-based Jingu will hold 51 percent and Ansteel, a state-owned iron steel producer in China, will own the remaining 15 percent, the company said, adding the deal could close in a few months once approved by Chinese authorities.

Annual production volume is planned to be in the low single digit million range, Thyssenkrupp said.