Angang buys 60 percent stake in Italian service center Vigano

Wednesday, 15 October 2008 16:37:49 (GMT+3)   |  
       

SteelOrbis Shanghai

Chinese steelmaker Anshan Iron and Steel Group Corporation recently announced its acquisition of its first overseas steel processing center through the purchase of a 60 percent stake in Italian steel service center Vigano - a move which marks Angang's entry into the global steel processing industry.

Lombardy-based Vigano is mainly engaged in the processing of silicon steel and galvanized coils (sheets), with an annual capacity of 100,000 mt or so. The company also delivers shipments to more than 40 downstream customers through its own distribution and logistics centers. As the most important supplier of CR silicon steel and HDG products for Vigano, Angang has been working in cooperation with the Italian company since 2003.

For Angang, this acquisition marks an important step towards the steel group's global development and helps it get involved in the overseas steel processing industry.

In addition, in the future the trend will be for steel mills to have their own processing and distribution centers. Besides Angang, WISCO, Baosteel, Panzhihua Steel, Magang, and other mills have also taken their first steps in developing steel processing centers over the past several years.


Similar articles

Ussuri Capital to build low-carbon emissions flats plant in Romania

29 Mar | Steel News

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

US sheet prices tick up modestly ahead of Easter weekend

28 Mar | Flats and Slab

US HDG imports up 10.6 percent in February

28 Mar | Steel News

Chinese HDG export prices mainly stable, with negative bias in some offers

28 Mar | Flats and Slab

Ex-India HDG and CRC prices edge down, trade remains in doldrums

28 Mar | Flats and Slab

HDG consumption in Mexico up 12.0 percent in January

27 Mar | Steel News

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

US flats source believe HRC prices are “at or near the bottom”

22 Mar | Flats and Slab

Romania’s sole flats mill cuts HRC prices, raises HDG and PPGI prices

22 Mar | Flats and Slab