Baoshan Iron & Steel Co., listed company of Chinese steel giant
Baosteel Group, has announced that its wholly owned subsidiary Shanghai
Baosteel International Economic & Trading Co. (
Baosteel International) has acquired
Baosteel Metal Co., a wholly owned subsidiary of
Baosteel Group, for a consideration of RMB 542 million ($86.03 million).
Baosteel Metal Co. includes Shanghai
Baosteel Wheels Co., Yantai
Baosteel Wheel Co., Shanghai
Baosteel Hot Stamping Parts Co. and Shanghai
Baosteel Hydro-forming Parts Co.
Following the acquisition,
Baosteel International is expected to achieve increased efficiency in manufacturing and supply of auto parts.
Meanwhile, Baoshan Iron & Steel Co. has also announced that it has successfully completed the overhaul of the gas recovery system of its three 300 mt converters. Accordingly, steam recycling capability will be increased by more than 100 percent, while dust content of flue gas after cleaning will be reduced by 65 percent.