China Baowu Group takes over and to manage Kunming Steel

Tuesday, 02 February 2021 14:42:06 (GMT+3)   |   Shanghai
       

The government of China’s Yunnan Province inked a cooperation agreement with Chinese steel giant China Baowu Group, as announced by Yunnan Coal & Energy Co., Ltd. on February 1, which is a subsidiary of Yunnan-based steelmaker Kunming Steel. According to the agreement, 90 percent equity in Kunming Steel held by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) of Yunnan Province will be transferred to Baowu Group for free, while it will continue to hold only the remaining 10 percent equity in Kunming Steel.

Meanwhile, SASAC of Yunnan Province has authorized Baowu Group to manage Kunming Steel for at most 12 months as parties will try their best to complete the equity transfer in six months.

At the moment, the capacity of Kunming Steel is 7 million mt annually.


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