29
Dec
05:07
Baowu invests to become Shangang shareholder
China's Baowu Group has contracted with Shandong Government to invest in Shandong Iron & Steel Group (Shangang), Kallanish notes.
Baowu will take a 49% stake in Shangang and 48.6139% of Shangang Rizhao, Shangang's subsidiary, to conclude the strategic reorganisation plan initially announced in July 2021 by listed Shandong Iron & Steel. On 8 December, Baowu declared it will invest CNY 10.7 billion ($1.49 billion) to acquire the above shares, while S…
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Anonymous
Very good overview of the weekly steel market.
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