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Baosteel to Control Desheng Nickel

Baosteel signed an agreement with Fujian Wugang Group on December 9 to merge with Fujian Desheng Nickel, whose nickel alloy and stainless hot rolled strip output is currently at 920,000 tons and 820,000 tons per annum respectively. Desheng Nickel, a subsidiary of Wugang, has ...

Hebei Steel Increases Direct Sales

Hebei Steel has sold more than 1.5 million tons of steel products directly to domestic project contractors this year, creating over 50 million yuan in revenues. By destination, 1.32 million tons of steel were used for the construction of national premier railway systems, 107,900 ...

Rio Tinto to Prospect Metal Resources in China

Aluminum Corporation of China (CHALCO) has signed a non-binding memorandum of understanding with Australia's Rio Tinto to set up a 51:49 joint venture intended to find world-class fossil resources in China. The new company with the Chinese aluminum giant taking the greater part ...

Sinosteel Renews Channar Project

Rio Tinto and Sinosteel Corporation announced the extension of their Channar Mining joint venture (JV) in the Pilbara region of Western Australia on December 2. The contract was first signed in November 1987 between Australia's CRA (the predecessor of Rio) and China Metallurgy ...

Hebei Steel Signs Finance Pact

Hebei Iron and Steel Group, formed from the merger of Tangshan Steel and Handan Steel in June 2008, signed a 30 billion yuan strategic alliance agreement with Bank of China, a world-competitive commercial bank with branches in 32 countries and regions, on December 1 with aims to ...

Chongqing Steel Benefits from Power Infrastructure Project

Chongqing Steel and some other cutting-edge local firms are likely to benefit from State Grid's 2.6 billion yuan investment program intended to build a large production base of ultra high voltage electric power iron tower in the western region of China. The project, which is due ...

Hebei Steel to Merge with Mineral Assets

Hebei Steel has set its foot in Laiyuan County, a resource-rich region in Hebei Province, aiming to build one of the largest non-ferrous metal production bases in eastern China. The company's initiative, backed by local authorities, to integrate with scores of individual private ...

Bayi Steel Partners with China CNR

Bayi Steel Partners with China CNR Xinjiang Bayi Steel signed an agreement with China CNR Lanzhou Locomotive on November 25 to seek cooperation in areas of traffic facilities and steel supply in China's western region. The mill, incorporated into Baosteel in April 2007, is ...

Baosteel to Develop New Energy

Japan's trading house Mitsubishi and Baosteel agreed to form a strategic alliance focusing on the areas of new energy and the environment. The two companies plan to explore ways to enhance the efficient use of energy for the business sector.

Union Steel (China) Wins Prize from InterZAC

Union Steel (China) won the gold medal from InterZAC in October for its contribution to the spread of the aluminum-zinc coated alloy industry and its products, the first company in China that has ever received such an award. The company began the production of aluminum-zinc alloy ...

Wisco to Buy Ore Assets Abroad

Wuhan Steel (Wisco) said it has signed an initial agreement with Adriana Resources of Canada to jointly explore the Lac Otelnuk Iron Mine in Quebec with roughly six billion tons of magnetite concentrates grading 30 percent or so. Wisco is also on course to join a Chinese-funded ...

Lvliang Steel Group to Debut in Shanxi

A new steel project will be set up as a result of merger between Shanxi Zhongyang Iron and Steel and Wenshui Haiwei Iron and Steel in Lvliang City, Shanxi. The project called Lvliang Iron and Steel Group will serve as a platform in the future to merge with other local steelmakers ...

Shagang's Share-buying Proposal Approved

China Securities Regulatory Commission has approved the plan by Gaoxin Zhangtong, suspended share trading this May due to operating losses for three consecutive years, to issue 1.178 billion shares exclusively to Shagang Group for a 63.79 percent stake in Huaigang Special Steel ...

Chongqing Steel Ironmaking Plant Ceases Production

Chongqing Steel Ironmaking Plant stopped production completely as of December 29 after its 116-cubic meter blast furnace had melted the last tap of hot metal. The closure is part of Chongqing Steel Group's relocation program that aims to eliminate obsolete facilities in exchange ...

Hebei Steel's Trusteeship Proposal Approved

The central government has endorsed the plan by Hebei Steel to take over in trust 100 percent of Xuanhua Steel and 53.12 percent of Wuyang Steel. In return, the group will pay one million yuan per annum as trusteeship fees for each of the two companies. Xuanhua Steel is a ...

Hebei Steel Continues Merger Plan

Hebei Steel entered into agreements on December 31 to acquire 10 percent of shares in each of seven private steel mills in a phase-in manner the group had employed to merge with five other steelmakers a month earlier. These new producers are Jiujiang Wire rod, Yanshan Steel, ...

Ansteel's Output Hits 30 Million Tons

Ansteel's output of both pig iron and crude steel topped 30 million tons in 2010, thanks to completion of its merger with Panzhihua Steel and the launching of the Bayuquan New Area Project and the Anling Plant. In environmental protection, from January to November the group saved ...

Baosteel Sets up Coal Tar Project in Sichuan

Baosteel Chemical Industry, the largest coal tar processor in China, signed an agreement with Sichuan Dagang's subsidiary Daxing Energy to set up two coal coking projects in Sichuan: a 120 million yuan coal tar plant with designed capacity of 150,000 tons and a 100 million yuan ...

Baosteel Rolls out Thin-gauge Pipeline Steel

A piece of thin-gauge (14 mm in thickness) pipeline steel sheet has been rolled out from Baosteel's state-of-the-art five-meter heavy plate mill, intensifying the company's ability to produce a wide range of varieties including shipbuilding sheet, pipeline sheet, structural sheet ...

Baosteel's Net Profit Skyrockets

Baosteel announced a 120.18 percent hike in its 2010 net profit to 12.8 billion yuan. Operating revenues grew 36.29 percent at 202.43 billion yuan thanks to huge gains from its non-steel businesses, now making up more than one-sixth of the company's total yields.
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