SteelOrbis Shanghai
On December 28, 2007, China's largest privately-owned steel producer Shagang bought a 25 percent stake in fellow Jiangsu Province-based steelmaker Yonggang Group.
As the biggest industrial concern in Jiangsu Province, Shagang ranks No. 5 among China's steel enterprises. With total assets exceeding RMB 60 billion ($8.2 billion), Shagang has an annual production capacity of 20 million mt for iron, 25 million mt for crude steel, and 25 million mt for finished steel. Yonggang Group also possesses a complete iron-making and steel-rolling production system. With total assets of more than RMB 14 billion ($2 billion), Yonggang can annually produce five million mt of iron, five million mt of crude steel, and five million mt of finished steel, thus possessing a relatively strong market competitiveness.