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.
Masteel acquires majority stake in Changjiang Iron and Steel
Tags:
Crude Steel Hrc Pig Iron Crc Flats Raw Mat China Southeast Asia East Asia and Pacific Far East Steelmaking M&A
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