Chinese steelmaker Shandong Iron and Steel Group (Shangang) had been due to complete its acquisition of Shandong Province-based steel producer Rizhao Group before November 30 this year. However, the November 30 date has now passed and the merger in question has still not been completed. Officials from the two companies have not made any comment regarding the delay in the acquisition process.
On November 14, Shangang had stated that the establishment of a premium steel production base in Rizhao city was an important adjustment to the Shandong provincial steel industry structure and so the acquisition plan would proceed.
Meanwhile, Rizhao Group had said that, after the acquisition, it would invest the money it receives in infrastructure and tourism in Rizhao city.