On November 29th Jiangxi Province based Chinese steelmaker Fangda Special Steel Technology Co announced that it has increased its stake in Jiangxi based steel producer Pingxiang Steel in cooperation with its parent company Liaoning Province-based Fangda Group.
Accordingly, Fangda Special Steel Technology now holds a 29.72% stake in Pinggang, while Fangda Group holds 11.77%
As of June 30th 2012, Pinggang’s total assets were estimated at a value of CNY 30.961 billion (USD 4.96 billion), with its debts of CNY 24.249 billion (USD 3.83 billion) equal to 78.32% of the total.
The annual steel output capacity of Pinggang is 11 million tonne while in 2011 its sales revenue exceeded CNY 40 billion (USD 6.41 billion) with profits of over CNY 300 million (USD 48 million).
In January to October this year, Pinggang’s total output of pig iron was 7.7682 million tonne up 1.09%, while its steel production amounted to 7.3276 million tonne up 4.63% both year on year.
Source – SteelOrbis
(www.steelguru.com)
