Eastern China’s Shagang will participate in a mixed ownership reform of central China’s Anyang Iron & Steel, and the former is likely to emerge as the controlling shareholder in the latter, according to a notice released by Anyang Steel late on Thursday May 13.
The change in shareholding will neither influence the steel production of the two mills – based in the provinces of Jiangsu and Henan respectively – nor affect the trade flows in the two provinces, an industry analyst said.
But it will make Shagang China’s second-biggest steelmaking group, overtaking Hesteel.
Shagang produced 41.84 million tonnes of crude steel in 2020 while Anyang Steel produced 11.20 million tonnes last year. Their combined output of about 53 million tonnes exceeds that of Hesteel’s 44.66 million tonnes, according to a local industry information provider.
Some market participants estimate the two mills’ combined capacity to exceed 55 million tonnes.
Anyang Steel’s notice did not specify a timeline for the ownership reform.
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