Jiangxi Yongsheng Mining Co. inks cooperation agreement with Baosteel

Wednesday, 24 February 2010 17:35:09 (GMT+2)

On February 22, Jiangxi Province-based Chinese private sector steel alloy producer Yongsheng Mining Co., Ltd signed a cooperation agreement with Baosteel Resources Co., Ltd, according to which the two companies will officially begin cooperation on supply of raw materials, product sales, resource development and utilization, as well as on the sharing of industry information. Within the scope of the deal, Baosteel Resources will purchase 11 million shares in Yongsheng Mining Co., Ltd, representing a 10 percent stake in the company.

Yongsheng Mining produces manganese ferroalloys and vanadium ferroalloys, supplying its output to large and medium sized steel enterprises both in China and overseas. At present, in terms of production capacity and output of the products in question, the company ranks third in China. It also has plans to go public on the Shanghai Stock Exchange.

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