BaoSteel announces acquisition of Zhanjiang Steel

  • Tuesday, November 6, 2012
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  • Keywords:BaoSteel Zhanjiang Steel
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BaoSteel board during its meeting on October 30th 2012 decided to stop production in Luojing region and passed asset disposal motion for Luojing Region Corex assets and acquisition of Zhanjiang Steel
 
Baosteel Co Limited proposes acquisition of 71.8032% equity of Zhanjiang Steel owned by Guangzhou SASAC. After the completion of the acquisition of equity, Zhanjiang Steel registered capital will be increased from the present CNY 7.093 billion to CNY 8.0 billion.
 
After the acquisition, the relevant assets will be relocated to the Xinjiang region, with more resource advantages. Corex process will be continued by Bayi Steel.
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