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


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