Jiangsu Province-based Chinese major steelmaker CITIC Pacific Special Steel announced that its wholly-owned subsidiary Tefu Kechuang Special Steel (Shanghai) Co., Ltd. (Tefu Kechuang) plans to acquire 100 percent equity in Prosperity Kingsfield Limited from Guangzhou Konggang at RMB 1.51 billion ($0.21 billion) via its own funds.
After the acquisition, Tefu Kechuang will rapidly absorb the mature expertise and core capabilities of Stemcor, which is wholly owned by Prosperity Kingsfield Limited, in overseas supply-chain management, global brand marketing, and local customer service, thereby strengthening its own overseas operations. Stemcor was founded in London in 1951 and is one of the world’s leading independently run service providers for the steel industry.
