Sangang Minguang plans to acquire Luoyuan Minguang Steel

Sangang Minguang plans to acquire Luoyuan Minguang Steel

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Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co. (Sangang Minguang) has announced that it plans to acquire 100 percent equity in Fujian Province-based Luoyuan Minguang Iron and Steel Co. from its controlling shareholder Sangang Group via cash payment, at a price of RMB 2.152 billion ($0.3 billion). Luoyuan Minguang mainly produces construction steel, with an annual output of 1.9 million mt.

The completion of this transaction will be conductive to the smooth implementation of Sangang Minguang’s capacity replacement program and will further promote its industrial transformation and upgrading, and the implementation of the strategy of production in the coastal areas.

$1 = RMB 7.1074

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