An insider at China Shipping (Group) Company disclosed on January 14 that Chinese steel giant Baosteel has been participating in the restructuring work of Yantai Port together with China's State Development and Investment Corporation. On January 16, their jointly-invested Yantai Port Company will be officially launched.
The registered capital of Yantai Port is around RMB 3.366 billion ($493.6 million), with a 10 percent stake held by China Shipping and a 20 percent stake taken by Baosteel.
This is the second port restructuring in which Baosteel has participated, after Zhanjiang Port. In December 2009 Baosteel established a new Hong Kong-based joint venture called Haibao Shipping Company with China Shipping.