The leading Chinese steelmaker, Baosteel, has announced an investment of US$1.5 billion to acquire around 48.6% of a stake in Shandong Steel Rizhao. The aim of this action is to enhance its market stand in northern China.
The annual output of Shandong Steel Rizhao was about 7.9 million tons, including various kinds of steel, such as cold and hot rolled steel and medium-thick steel plates. The deal was expected to strengthen Rizhao’s product competitiveness and expand Baosteel’s customer service capabilities in northern China.