SteelOrbis Shanghai
On September 25 Anshan Iron and Steel Co., Ltd (Anshan Steel) announced its intention to increase its shareholding in Tianjin Tiantie Metallurgy Group Steel Plate Co., Ltd. Anshan Steel plans to inject RMB 1.89 billion in the latter company whose registered capital would increase to RMB 3.7 billion ($540 million) after the deal. As a result, Anshan Steel Group and Tiantie Steel Group would each hold half of total shares in Tiantie Steel Plate Co., Ltd.
Tiantie Steel Plate Co., Ltd is a wholly-owned subsidiary of Tiantie Steel Group. Its operating scope includes steel press forging, the production, processing and sales of cold rolled plate, galvanized sheet and color coated sheet. During the January-July 2008 period, the operating revenue of the company reached RMB 200 million ($30 million), with a net loss of RMB 800million ($12 million).
The total investment involved in Tiantie Steel Plate's cold rolled sheet producing project, which is now under construction, is RMB 3.775 billion ($550 million). The production capacity of the project is designed to reach 1.5 million mt per year.