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Fujian Sangang buys bankrupt Laiwu Steel in Xinjiang-2019 China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition
11/20/2018 钣金展-Laser Equipment, Sheet Metal Industry expo |
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China’s government-backed Fujian Sangang Group purchased iron- and steel-making capacity from a bankrupt plant in western China. Fujian Sangang will pay CNY 1.81 billion (USD 260.71 million) for 1.22 million tonnes of iron-making and 1.35 million tonnes of steel-making capacity located at a plant owned by Laiwu Steel Co. a subsidiary of state-owned Shandong Iron and Steel Group, in China’s northwestern province of Xinjiang, the company said. Sangang won the capacity for the plant, which is under bankruptcy proceedings, in an auction at a local government-backed property right exchange center. The capacity had a floor price of CNY 640 million.
The deal reflects the rising trend of cross-region steel capacity trade in the world’s top steel producer. China has tried to reform its steel sector by reducing excess and outdated capacity while banning new capacity in some areas. At least 14 regions and provinces in China, including the top five steelmaking hubs of Hebei, Jiangsu, Shandong, Shanxi and Liaoning, will not be encouraged to accept iron and steel producing capacity from other regions
钣金展-激光设备展-2019年广州国际激光设备及钣金工业展
-2019
China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition
-Sheet metal exhibition, Sheet metal expo,
2019 Sheet metal exhibition, 2019 Sheet metal expo, China Sheet metal
exhibition, China Sheet metal expo, Laser Equipment exhibition, Laser Equipment
expo, 2019 Laser Equipment exhibition, 2019 Laser Equipment expo, Laser exhibition, Laser expo
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