Major Chinese steelmaker Nanjing Iron and Steel Co., Ltd inked an agreement with Fosun and Shagang Group on October 15, according to which Fosun has sold its 60 percent stake in Nanjing Iron and Steel to Shagang Group for RMB 15 billion ($2.1 billion). As a result, Shagang Group has become the second largest steel producer in China following Baowu Group, exceeding Anshan Iron and Steel Group’s annual crude steel output, which stood at 55.65 million mt in 2021.
In 2021, Nanjing Iron and Steel’s crude steel output had reached 11.58 million mt, while Shagang Group’s crude steel output had amounted to 44.23 million mt, constituting a total of 55.81 million mt.
$1 = RMB 7.1095