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China Baowu Group invests in Shandong Steel Group-壓鑄展-鑄造展-2024第二十四屆廣州國(guó)際壓鑄、鑄造及工業(yè)爐展覽會(huì)-巨浪展覽-The 24th China(Guangzhou) Int’l Die casting Foundry & Industrial Furnace Exhibition
1/2/2024 壓鑄展-鑄造展- Die-casting expo-foundry expo |
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On December 28. the government of Shandong Province inked a stratedic cooperation framework agreement andrelevant investment agreement with major Chinese steelmaker Baowu Group, according to which Baowu Group hasofficially become an investor in Shandong Province-based Chinese steelmaker Shandong lron and Steel Group
China Baowu Group and Shandong Steel Group rank first and the seventh in terms of crude steel output in China.
producing 131 million mt and 29.42 million mt in 2022, respectively.
in 2022, China Baowu Group posted a net profit of RMB 16.7 billion ($2.4 bilion), while Shandong Steel Group
registered a net loss of RMB 247 million ($34.8 million).Since 2019. China Baowu Group has acquired several regional steelmaking enterprises, including Anhui Province.based Chinese steelmaker Ma''anshan lron and Steel Group, Shanxi Province-based Taiyuan lron and Steel Groupand Jiangxi Province-based Xinyu ron and Steel Group, by means of free transfer of state-owned equity becomingthe largest shareholder in those steel groups.
However, this time. China Baowu Group wil hold 49 percent eauity in Shandong Steel Group based on neaotiationsbetween the two parties. while Shandong Provincia State-owned Assets Supervision and Administration Commissionwill still be the largest shareholder with 51 percent of equity.
Earlier this month, it was announced that Baosteel, a subsidiary of China Baowu Group, will acquire 48.6139 percentequity in Shandong Steel Rizhao Co., Ltd at a price of RMB 10.703 billion ($1.5 billion).
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