19
Oct
11:42
Yongjin details purchase of Tsingshan stainless subsidiary
The listed arm of Zhejiang province's Yongjin Metal Technology will purchase a stainless steel subsidiary from Tsingshan Group for CNY 300 million ($44.88m) in cash.
Fujian Yongjin intends to use CNY 180m in cash to acquire 60% of the shares in Tsingtuo Shangke (Tsingtuo SKS) held by Tsingtuo Group. It will use CNY 120m in cash to acquire the remaining 40% held by Shanghai Outokumpu Stainless Steel, Kallanish notes. CNY 60m will be paid by …
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Very good overview of the weekly steel market.
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