Baosteel plans to acquire 48.6139% equity in Shandong Steel Rizhao Co.

Friday, 08 December 2023 16:00:17 (GMT+3)   |   Shanghai
       

Major Chinese steelmaker Baosteel has announced that it plans to invest RMB 10.703 billion ($1.5 billion) to acquire 48.6139 percent equity in Shandong Steel Rizhao Co., Ltd., aiming to enhance its market impact in northern China and gain a steady return on investment.

In 2022, Baowu Group produced 131.84 million mt of crude steel, ranking first in terms of volume in the global market, according to the World Steel Association (worldsteel) data. Baowu Group is targeting an annual crude steel capacity of 200 million mt by 2025.

As of the end of 2022, Shandong Steel Rizhao Co. had total assets worth RMB 39.567 billion, while it posted an operating revenue of RMB 42.239 billion and a net profit of RMB 1.723 billion for the year.

As of September 30 this year, Shandong Steel Rizhao Co. had total assets worth RMB 39.175 billion, while it registered an operating revenue of RMB 26.346 billion and a net profit of RMB 528 million for the first nine month of the year.

Moreover, the annual capacity of crude steel of Shandong Steel Rizhao Co. stands at 8.5 million mt.


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