Tonghua speeds up consolidation

Tonghua speeds up consolidation

On Monday morning, November 28, Chinese Tonghua Iron & Steel Group Company, Ji Lin Ferroalloy Company and Jian Long Iron & Steel signed restructuring agreements of assets in the city of Changchun. It is learnt that after the restructure, the headquarter of Tonghua Iron & Steel Group Company will be set in Changchun, and its total capital will reach RMB 4.2 billion ($520 million). In next few years, Tonghua Steel Group would be established into a large iron and steel enterprises with an annual capacity of several hundred million metric tons and sharp competitiveness. Plus, a 10-million-metric ton steel capacity and a two-million-metric ton ferroalloy capacity will be formed. Plants of steel and specialty ferroalloy will be set up to mainly develop stainless steel, seamless steel pipe and steel for auto industry. SteelOrbis Shanghai