Hebei Province-based Chinese steelmaker Jingye Group has inked an equity transfer contract with Shandong Province-based Chinese steelmaker Rizhao Steel Holding Group, to acquire 100 percent equity in Rizhao Steel Yingkou Medium Plate. Rizhao Steel Yingkou Medium Plate has an annual production capacity of 6.0 million mt of high-quality medium and thick steel plate and 2.0 million mt of wire rod.
Before the acquisition, Rizhao Steel held 100 percent equity in Rizhao Steel Yingkou Medium Plate.
Jingye Group was set up on January 5, 2002, in Shijiazhuang, Hebei Province, mainly producing rebar and hot rolled steel plate.
On June 20, 2024, Jingye Group acquired 100 percent equity in Lianyungang Xingxin Iron and Steel. Less than one month later, Jingye Group its acquisition of Rizhao Steel Yingkou Medium Plate, signaling that the current consolidation and reorganization process in the Chinese steel industry is accelerating.