Jinxi Steel acquires Chengde Zhaofeng's iron and steel capacity of 2.88 million tons
2019-10-12 18:00:46 [Print]
China Oriental Group announced that on October 10, 2019, the company indirectly owned a 97
. 6%-owned subsidiary, Fangchenggang Jinxi Steel and Chengde Zhaofeng entered into a capacity transfer agreement . According to the agreement, Chengde Zhaofeng agreed to sell the target production capacity to Fangchenggang Jinxi Steel, including target iron production capacity (1 . 38 million tons per year) and target steel production capacity (1 . 5 million tons per year) at a consideration of RMB552 million (USD77,458,442) and RMB900 million (USD126,290,939) respectively . The total consideration of RMB1 . 452 billion (USD203 . 75 million) is paid to Chengde Zhaofeng by Fangchenggang Jinxi Steel in cash.