On February 22, Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Group Co. (Ansteel) acquired a stake in Guangzhou Province-based Nansha Iron and Steel Integrated Logistics Park Co. (Nansha), becoming its largest shareholder and marking the entry of Ansteel into the logistics industry.
After Ansteel’s acquisition of a 45 percent stake in Nansha, Guangzhou-based companies Jinbo Logistics Trading Co. and Guangzhou Port Group Co. now respectively hold 40 percent and 15 percent stakes in Nansha. Furthermore, Nansha will change its name to Nansha Iron and Steel Logistics Co.
An insider at Ansteel noted that the investment in the logistics industry will increase its products’ competitiveness by optimizing transportation services.