Masteel acquires majority stake in Changjiang Iron and Steel

On April 27, Anhui Province-based Chinese steelmaker Maanshan Iron and Steel (Masteel) signed an agreement for the acquisition of a controlling stake in Changjiang Iron and Steel Co., Ltd, a steel producer also based in Anhui.
 
According to the agreement, Masteel acquires 660 million shares in Changjiang Iron and Steel (55 percent of total shares) at a cost of RMB 1.234 billion ($188.7 million).
 
At the end of 2011, Changjiang Iron and Steel expects to have an annual pig iron production capacity of 2.7 million mt, an annual crude steel output capacity of 3 million mt, and a rolled steel output capacity of 2.8 million mt.