Reportedly, western China based steelmaker Bayi Steel has just announced that it is planning to acquire 110% share of Nanjiang Steel Baicheng Co., Ltd. with RMB481 million (about US$77 million).
The said firm was established in 2010 with a designed capacity of 3 MTPA, and its main products lines are steel ingot, wire and rods.
The initial investment value was about RMB8.8 billion (about US$1.4 billion).
One official from Bayi Steel said that after the acquisition, its total capacity would increase from 8 MTPA to 11 MTPA, which will strengthen its regional production advantage significantly.