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Angang (00347) announced that it has acquired the entire stake of Anyang Iron and Steel Chaoyang from the majority shareholder Anshan Iron and Steel Group for a price of 5.904 billion yuan (approximately HK $ 6.934 billion).
Anyang Iron and Steel Chaoyang is mainly active in steelmaking, steel rolling, steel products distribution, complete recycling of cast iron scrap, coke casting and production and sale of sub-products. -products.
Angang said the acquisition is in line with the company's existing strategy to expand its steel-related business, which will create strategic internal synergies and further improve the profitability.
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