As previously reported, Chinese steelmaker Shandong Iron and Steel Group (Shangang) has been due to complete its acquisition of Shandong Province-based steel producer Rizhao Group before November 30 this year. Shangang has now again stressed that the acquisition is progressing according to schedule and is expected to be completed before the date in question, thereby contradicting rumors of possible further delays.
On November 14, Shangang stated that the establishment of a premium steel production base in Rizhao city was an important adjustment to the Shandong provincial steel industry structure, and so the acquisition plan will not be changed.
Meanwhile, Rizhao Group has said that, after the acquisition, it will invest the money it receives in infrastructure and tourism in Rizhao city.