Bengang Steel Plates Co. Ltd, the listed unit of Liaoning province based Benxi Iron & Steel Group announced its aim to buy iron and steel facilities from its parent company.
The company plans to issue up to 2 billion new shares with RMB 1 value per share in order to finance the purchases which would increase the steelmaker's capacity to 8.5 million metric tons in 2006. The company also plans to increase its
production to 10.16 million metric tons in 2007 and 12.35 million metric tons in 2008.
Bengang Steel Plates Co. Ltd is one of
China's largest producers of hot rolled steel
plate. The company's main products include hot rolled steel
plate and continous casting billets.