Baosteel to sell stainless and special steel assets to parent company

Wednesday, 29 February 2012 15:37:23 (GMT+3)   |  
       

Shanghai-based Chinese steel giant Baoshan Iron and Steel Co. Ltd (Baosteel) has announced that it will sell its loss-making stainless steel and special steel assets to its parent company Baosteel Group.

The overall value of the planned asset sale is estimated at RMB 45.193 ($7.182 billion), including RMB 28.221 billion ($4.484 billion) for stainless steel assets and RMB 16.972 billion ($2.697 billion) for special steel assets.

Among the various assets earmarked for sale are Baosteel's 54 percent stake in Ningbo Baoxin Stainless Steel, its 40 percent stake in Shanghal STAL Precision Stainless Steel and its 20 percent stake in Rihong Stainless Steel.

Baosteel said that its annual finished steel output would decrease from 26 million mt to 22 million mt due to the planned asset sale, and that it would focus on building its carbon steel business.


Similar articles

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

Local Chinese stainless steel prices mostly decrease

28 Mar | Flats and Slab

Ex-China stainless steel prices edge down

26 Mar | Flats and Slab

Flat steel prices in local Taiwanese market - week 12, 2024

21 Mar | Flats and Slab

Local Chinese stainless steel prices move down slightly

20 Mar | Flats and Slab

Ex-China stainless steel prices move sideways

19 Mar | Flats and Slab

Flat steel prices in local Taiwanese market - week 11, 2024

14 Mar | Flats and Slab

Local Chinese stainless steel prices mostly move down slightly

13 Mar | Flats and Slab

Flat steel prices in local Taiwanese market - week 10, 2024

07 Mar | Flats and Slab

Local Chinese stainless steel prices mostly stable, some slight downticks also

07 Mar | Flats and Slab