Jiangxi Province-based Chinese steelmaker Fangda Special Steel has announced that it will purchase a 30 percent stake in Liaoning Province-based iron ore company Tongda Iron Concentrator Co. at a cost of RMB 368 million ($59.9 million) from Liaoning-based Senon Renewable Energy Co. With this purchase, Fangda Special Steel's stake in Tongda Iron Concentrator Co. will increase from 70 percent to 100 percent.
Tongda Iron Concentrator Co. has an annual iron ore output capacity of 1.45 million mt. As of March 31, its total assets amounted to a value of around RMB 6.66 trillion ($1.085 trillion), while it had debts totaling approximately RMB 5.023 trillion ($818 billion).