CITIC Pacific increases its stake in Daye Special Steel
According to the statement released by China, Hubei-based steel producer Daye Special Steel, CITIC Pacific has purchased 39% stake in the steel producer for Yuan 400 million ($48 million). With this purchase, the stake of CITIC Pacific in Daye Specialty Steel has increased to 58%. Moreover, Hubei New Daye, one of the subsidiaries of Daye Special Steel bought 19% stake in the company for Yuan 209 million ($25 million) last week. Meanwhile, Hong Kong-based CITIC Pacific has increased its investments in China in recent years and its investments in China reported higher profits due to surging demand for steel in the country.