China Oriental Group to acquire 10 percent interest in Caofeidian Port Co.

Wednesday, 10 November 2010 15:21:41 (GMT+3)   |  
       

Hong Kong-listed steelmaker China Oriental Group Company Limited has announced that on October 21 its subsidiary company Jinxi Iron and Steel Group and Foshan Transportation, stakeholder of Caofeidian Port Company, entered into a sale and purchase agreement according to which Jinxi Iron and Steel Group will acquire a 10 percent equity interest in Caofeidian Port Company from Foshan Transportation for a consideration of RMB 50 million. In due course Jinxi Iron and Steel Group expects to invest a further sum of RMB 45,000,000 in pro rata to its equity interest in Caofeidian Port Company.

Meanwhile, following announcements by the Tangshan municipal authorities of restrictions on energy consumption and steel production, Jinxi Iron and Steel Group has partially suspended operations at its H-section steel production lines since October 16 and has further suspended all production relating to operations at it subsidiary Jinxi Wan Tong since October 29. Jinxi Iron and Steel Group plans to partially operate its H-section steel production lines in November so as to achieve production of approximately 60,000-80,000 mt of H-section steel products during the month in question. As a result, Jinxi Iron and Steel Group expects that during the fourth quarter of the current year strips and strip products will constitute a relatively higher share of its overall output volume.


Similar articles

Local Turkish merchant bar prices mostly stable in local currency

26 Mar | Longs and Billet

US merchant bar imports up 33.8 percent in January

22 Mar | Steel News

Iskenderun-based Turkish mill revises merchant bar prices

22 Mar | Longs and Billet

Ex-Turkey official merchant bar prices stable

22 Mar | Longs and Billet

Turkish domestic dollar-based merchant bar prices soften

19 Mar | Longs and Billet

China’s steel bar exports total 1.63 million mt in Jan-Feb, down 6.6%

19 Mar | Steel News

Turkish official merchant bar export prices soften

15 Mar | Longs and Billet

Local Turkish merchant bar prices revised to offset currency fluctuations

13 Mar | Longs and Billet

Turkey exhausts its merchant bar import quota for UK

13 Mar | Steel News

Turkey’s Kardemir issues its merchant bar prices

12 Mar | Longs and Billet