GSHI buys out Daqiuzhuang's outstanding shares

China's Beijing-based privately-owned steelmaker General Steel Holdings Inc. (GSHI) has announced its acquisition from British Virgin Islands-based Victory New Holdings Ltd of the remaining 30 percent of outstanding shares of its subsidiary, Tianjin Daqiuzhuang Metal Sheet Co Ltd (Daqiuzhuang). With this transfer, 100 percent of Daqiuzhuang Steel shares are now owned by GSHI. According to an independent appraisal report, the estimated value of the 30 percent stake in Daqiuzhang is $9,304,796, while the actual purchase has been concluded at $6,185,797. Daqiuzhuang Metal produces hot rolled steel sheets used mainly in the construction of small agricultural vehicles and has a 50 percent domestic market share in this niche product range. The mill is capable of processing 400,000 tons of 0.7-2.0 mm hot rolled steel sheets per year. It is the largest producer in its product category in China.