30
Dec
08:05
Bayi Steel completes subsidiary acquisition
Xinjiang Baiyi Steel Co. (Bayi Steel) has obtained 100% equity of Xinjiang Bagang Metal Products Company (XBMP) and Xinjiang Coking Coal Group (XCCG), which were previously owned by its controlling shareholder, Baowu Bayi, Kallanish notes.
The company announced the plan in early November (see Kallanish passim). It cost CNY 2.18 billion ($342 million) to complete the acquisition. Bayi Steel says the move will extend the industrial chain of the company, maximise the…
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Very good overview of the weekly steel market.
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