12
Nov
09:35
Yongjin acquires Tsingshan stainless subsidiary
Fujian Yongjin, a subsidairy of Zhejiang province’s Yongjin Metal Technology, has signed equity purchase agreements with Tsingtuo Group and Shanghai Outokumpu Stainless Steel respectively, indicating Fujian Yongjin has full control over Tsingtuo Shangke (Tsingtuo SKS), Kallanish notes.
Yongjin spent CNY 300 million ($45m) in cash for the acquisition of 100% of the shares in Tsingtuo Shangke. Tsingtuo Group and Shanghai Outokumpu used to hold 60% and 40%…
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