Fangda Special Steel abandons acquisition of Shente Steel

Friday, 31 July 2020 09:57:33 (GMT+3)   |   Shanghai
       

Jiangxi Province-based Chinese steelmaker Fangda Special Steel Technology Co., Ltd (Fangda Special Steel) announced on July 30 that it decided to abandon the acquisition of Jiangsu Province-based five steel enterprises belonging to Shente Steel Group due to their debt crisis and complicated reforming procedures not meeting the basic requirements of investment and acquisition of listed company.

However, Fangda Special Steel said its controlling shareholder, Fangda Steel Group will participate in the restructuring investment of enterprises of Shente Steel. It also said if it successfully invests in those enterprises in question, it will inject them into its listed asset—Fangda Special Steel. 


Most Recent Related Articles

Chinese domestic PPGI prices move up

China Shenhua Energy’s net profit expected to decline 15% in H1

Wire rod offers increase further in SE Asia, India concludes sale

China’s apparent stainless steel consumption down 2.27 percent in H1

China's coking coal imports up 5.6% in H1, ex-Australia shipments surge