CITIC Pacific to acquire Chinese mill
Hong Kong-based CITIC Pacific is reportedly planning to spend HK$1.7-1.8 billion ($218-230 million) in order to acquire a special steel mill in China. The acquisition is expected to be completed in the second half of 2005. The company had previously announced plans to invest a total of HK$18.9 billion ($2.4 billion) in the power, steel and property sectors in China during 2005-2007.