On 21 August 2020, Shanxi SASAC and China Baowu have entered into the Agreement, pursuant to which, upon the Agreement becoming effective and at completion, Taiyuan SASAC will transfer 51% of the equity interest held by it in Taiyuan Iron and Steel Group to China Baowu at nil consideration.
China Baowu was jointly reorganized by the former Baosteel Group Co., Ltd. and Wuhan Iron and Steel Group Co., LTD. It is a pilot enterprise for state-owned capital investment company. In 2019, China Baowu continued to maintain its leading position in the industry, achieving steel output of 95.46 million tons, operating revenue of 552.2 billion yuan, and total profit of 34.53 billion yuan. It ranks first in the world in terms of operating scale and profit level, and ranks 111th in the Fortune Global 500.
Taiyuan Iron and Steel Group is a large-scale steel joint enterprise integrating iron ore mining, steel production, processing, distribution and trading. It is also the world leader in stainless steel industry, with an annual production capacity of 12.94 million tons of steel (including 4.5 million tons of stainless steel). In 2019, TISCO realized crude steel output of 10.86 million tons, operating income of 79.7 billion yuan and total profit of 3.513 billion yuan.
(To contact the reporter on this story: leo.ji@steelhome.cn or 86-555-2238932 18616060095) |
