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Baosteel Corp said it plans to spend 28.688 billion yuan in cash to hold an 80%-stake in Guangdong Iron and Steel Group Co Ltd with a registered capital of around 35.86 billion yuan. The remaining 20% will be jointly owned by the State-owned Assets Supervision and Administration of Guangdong Province and the State-owned Assets Supervision and Administration of Guangzhou City with a net asset of 7.172 billion yuan in Shaoguan Steel and Guangzhou Steel as capital.
By 2010, Guangdong’s consumption of steel is projected to reach 50 million tons, just matching a capacity target of Baosteel Corp for 2012. |
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