Baoshan Iron & Steel Co., listed company of Chinese steel giant Baosteel Group, has announced that its wholly owned subsidiary Shanghai Baosteel International Economic & Trading Co. (Baosteel International) has acquired Baosteel Metal Co., a wholly owned subsidiary of Baosteel Group, for a consideration of RMB 542 million ($86.03 million). Baosteel Metal Co. includes Shanghai Baosteel Wheels Co., Yantai Baosteel Wheel Co., Shanghai Baosteel Hot Stamping Parts Co. and Shanghai Baosteel Hydro-forming Parts Co.
Following the acquisition, Baosteel International is expected to achieve increased efficiency in manufacturing and supply of auto parts.
Meanwhile, Baoshan Iron & Steel Co. has also announced that it has successfully completed the overhaul of the gas recovery system of its three 300 mt converters. Accordingly, steam recycling capability will be increased by more than 100 percent, while dust content of flue gas after cleaning will be reduced by 65 percent.