Baowu Group to acquire second largest steelmaker in Xinjiang

Friday, 20 November 2020 15:11:35 (GMT+3)   |   Shanghai

Xinjiang Uygur Autonomous Region-based Bayi Iron and Steel Co., Ltd (Bayi Steel), a listed subsidiary of China Baowu Group, has announced that Xinjiang Tianshan Iron and Steel Union Co., Ltd, subsidiary of Bayi Steel’s controlling shareholder Baowu Group Xinjiang Bayi Iron and Steel Company (Bayi Steel Company), plans to acquire 100 percent equity in Xinxing Ductile Iron Pipes Xinjiang Co., Ltd, the second largest steelmaker in Xinjiang, for a total of RMB 2.181 billion ($0.33 billion).

Xinxing Ductile Iron Pipes Xinjiang Co. has a registered capital of RMB 1.5 billion ($0.23 billion), with its business scope covering the production and sales of rebar, industrial oxygen, industrial nitrogen and straight argon, the processing and sales of minerals, and also sales of coke, tar, centrifugal ductile iron pipes and new composite pipes.

$1 = RMB 6.5786

Most Recent Related Articles

Decline in China’s steel sheet and plate exports slows to 18.7% in Jan-Oct

NBS: Local Chinese rebar prices up 4.3 percent in mid-November

CISA: Less optimism in Chinese steel market for Nov amid colder weather

SHFE to cut fluctuation limit on ferrous metal futures contracts

China’s MOC and Customs remove some commodities from list of prohibited imports