NatSteel increases equity stake in Wuxi Jinyang

NatSteel increases equity stake in Wuxi Jinyang

Wujin NatSteel Co. Ltd has acquired 30% of Wuxi Jinyang Metal Products Co. Ltd and increased its parent company NatSteel's stakes to 95 % in the subject company. The acquisition which was worth RMB 36.2 million (around $4.4 million), was financed through internal sources and is highly unlikely to effect earnings of NatSteel. Wujin NatSteel, located in Jiangsu province of east China, operates a meltshop and a rolling mill and produces 6.50 mm and 8.00 mm wire rods. Wuxi Jinyang which is also located in Jiangsu, is a downstream operation with an annual capacity of 86'000 tons. Its annual turnover ranges between $10-50 million.