Baosteel acquires 50% stake in Court's subsidiary

Baosteel acquires 50% stake in Court’s subsidiary

Shanghai based Baosteel Group purchased 50 percent share in the Canadian Niagara Machine Products Corporation, a subsidiary of General Motors' auto parts maker Court Group. Baosteel paid $15 million for the takeover. Baosteel and Court Group will also invest RMB 168 million ($20 million) in total in order to build an automobile transmission system plant in Shanghai.