30
Mar
04:29
Baowu subsidiaries establish raw material procurement company
The listed arm of Chongqing Iron & Steel announced on 30 March that it will set up a joint-venture company with other Baowu group subsidiaries focusing on raw material purchases, Kallanish notes. The subsidiaries include Baosteel's listed company, Ma'anshan Iron & Steel (Magang), Echeng Iron & Steel and Shaogang Songshan.
The registered capital of the JV company is CNY 500 million ($70.51m). Chongqing Steel will control 8% o…
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