Fangda Steel becomes largest shareholder of Dazhou Iron and Steel
2020-05-29 15:16:47 [Print]
On May 25, Sichuan Dazhou intermediate People's Court approved the restructuring plan of Sichuan Dazhou Iron & Steel Group Co., Ltd. and 24 associated companies. Dazhou Iron & Steel completed judicial restructuring program, and Fangda Steel became its largest shareholder according to laws and regulations, which marks that Dazhou Iron & Steel formally joined China Fangda Group.
Founded in 1958, Dazhou Iron & Steel was transformed from a wholly state-owned enterprise into a private joint-stock enterprise in 2004. It has a comprehensive production capacity of 3 million tons of steel, 3.5 million tons of finished steel, 2.1 million tons of coke, 200,000t of coal chemical products, 500,000t of methanol and 200,000t of dimethyl ether. From 2014 to 2016, the company suffered huge losses and fell into the dilemma of insolvency. In July 2019, the court ruled to start the judicial restructuring process in accordance with the law.
After Dazhou Iron & Steel joined, China Fangda Group has a capacity of more than 20 million tons of steel, and the steel business will further develop.
Founded in 1958, Dazhou Iron & Steel was transformed from a wholly state-owned enterprise into a private joint-stock enterprise in 2004. It has a comprehensive production capacity of 3 million tons of steel, 3.5 million tons of finished steel, 2.1 million tons of coke, 200,000t of coal chemical products, 500,000t of methanol and 200,000t of dimethyl ether. From 2014 to 2016, the company suffered huge losses and fell into the dilemma of insolvency. In July 2019, the court ruled to start the judicial restructuring process in accordance with the law.
After Dazhou Iron & Steel joined, China Fangda Group has a capacity of more than 20 million tons of steel, and the steel business will further develop.
