Daye Special Steel completes the acquisition of Xingcheng Special Steel
2019-08-27 17:54:37 [Print]
Daye Special Steel announced on late August 26 that the company has completed asset transfer of the acquisition for 86.5% share of Xingcheng Special Steel under CITIC Pacific. The deal, valued about RMB23.2 billion (USD3.24 billion), was finished in eight months.
Xingcheng Special Steel is one of the largest professional special steel production bases in China, ranking the top around the world in output and sales of high-standard bearing steel and accounting for over 80% in Chinese market. The company is the second to no one in output and sales for steel used in automobile parts, accounting for over 65% in Chinese high-end automobile steel market. After the restructuring, the listed company will see its annual production capacity expanding to 13 million tons and a double increase of asset scale.
Xingcheng Special Steel is one of the largest professional special steel production bases in China, ranking the top around the world in output and sales of high-standard bearing steel and accounting for over 80% in Chinese market. The company is the second to no one in output and sales for steel used in automobile parts, accounting for over 65% in Chinese high-end automobile steel market. After the restructuring, the listed company will see its annual production capacity expanding to 13 million tons and a double increase of asset scale.
