Bayi Iron & Steel to acquire related assets of holding shareholder
2017-08-15 18:24:00 [Print]
According to the announcement of Bayi Iron & Steel Co., Ltd. on the evening of August 10th, it will probably purchase related assets of iron, energy, logistics and others owned by Xinjiang Bayi Iron & Steel Group Co., Ltd. under Baosteel Group by cash, but the actual payment term has been uncertain. Bayi Iron & Steel started to stop the transaction of shares on August 14th and it is expected that they will probably stop the transaction for no more than 1 month.
Bayi Iron & Steel noted that they have received the notification from Baowu Group about task adjustment on dissolving excessive capacity. In accordance with the requirement, Bayi Iron & Steel shall completely tear down 1 electric furnace of low efficiency before late 2017, which will be helpful for them to improve running quality of assets and the competiveness in the market.
Bayi Iron & Steel noted that they have received the notification from Baowu Group about task adjustment on dissolving excessive capacity. In accordance with the requirement, Bayi Iron & Steel shall completely tear down 1 electric furnace of low efficiency before late 2017, which will be helpful for them to improve running quality of assets and the competiveness in the market.
