The world's largest steel producer Baowu Steel of China, with a capacity of 115 million tonnes of steel per year, has signed an agreement with the Yunnan provincial government to donate 90% of its shares in Kunming Steel.
The production capacity of Kuming Steel is 10 million tons per year, in 2019 it produced 7.7 million tons of crude steel and 7.1 million tons of pig iron. In addition, Baowu Steel is also in talks to acquire Shandong Steel with an annual capacity of 30 million tonnes. tons. With this acquisition, Baowu Steel will increase its capacity to 155 million tonnes per year. Several market participants said Baowu Steel may aim to reach 200 million tonnes through more mergers and acquisitions.
China's Baowu Steel acquires Kunming Steel and targets Shandong Steel
There are no comments yet.