Hebei Province-based Jingye Group, a major private steelmaker in China, has acquired Guangdong Province-based Northern Guangdong United Steel & Iron, signaling it will expand its deployment in southern China, as reported by local media. The signing ceremony for the takeover was held on the morning of October 25.
The crude steel output of Jingye Group amounted to 15.38 million mt in 2021, with an operating revenue of RMB 237.9 billion ($36.882 billion) for the year and a gross profit of RMB 5.748 billion ($891 million).
Northern Guangdong United Steel & Iron is located in an industrial park in Qingyuan city, Guangdong, and was established in July 1993, and has total assets worth RMB 3.0 billion ($0.42 billion). The company mainly produces quality rebar, alloy steel and special large equipment parts.