Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Group (Bayi Steel) has announced that it has inked a major asset reorganization framework agreement with Shanghai-based steelmaker Baosteel.
Accordingly, Bayi Steel will buy certain industrial gas assets of Baosteel subsidiaries by issuing shares or by cash. In addition, Bayi Steel will acquire a minority interest in some Baosteel subsidiaries as appropriate. Bayi Steel stated that the framework agreement was a preliminary agreement and some uncertainties still existed.