Jianlong Group to take over Xingtai Steel

Monday, 22 February 2021 15:38:07 (GMT+3)   |   Shanghai
       

Beijing Jianlong Heavy Industry Group (Jianlong Group), a Chinese private sector steel conglomerate headquartered in Beijing will officially manage Hebei Province-based Xingtai Iron and Steel (Xingtai Steel), which is a leading specialty longs producer and has an annual capacity of 3.0 million mt of specialty wire rod, including cold heading steel, spring steel, bearing steel and tire cord steel for use in auto-manufacturing, bridge and railway construction, machinery manufacturing and maritime and energy engineering. The deal is under discussion.

In 2020, Jianlong Group produced 36.47 million mt of crude steel, while it posted an operating revenue of RMB 195.6 billion ($30.3 billion) and registered a gross profit of RMB 6.35 billion ($1.0 billion).

In the near future, Jianlong Group’s crude steel output will reach almost 40 million mt, which will exceed Anshan Iron and Steel Group’s output and be close to Shagang Group’s output.

$1 = RMB 6.4563


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