15
Mar
02:21
Shagang, Fosun ink formal agreement for Nangang acquisition
Fosun High-tech Group, Shagang Group and their related subsidiaries signed an equity transfer agreement on Tuesday for a 60% stake in Nanjing Nangang Iron & Steel United Co., (Nangang) from Fosun to Shagang, Kallanish notes.
Last October, the two parties signed an “Investment Framework Agreement”, and Shagang paid CNY 8 billion ($1.16 billion) towards the acquisition within two days. But later, several steel mills were reported to also wa…
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Very good overview of the weekly steel market.
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