Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has announced that it won online auction of 2.57 million mt steel capacity from Xinjiang Autonomous Region-based Laiwu Steel Xinjiang Company at RMB 1.814 billion ($0.26 billion).
Accordingly, the steel capacity Sangang Minguang bought will allow it to build new capacity in the future, which is good for company’s future business development.