Jiangsu Province-based Shagang Co., Ltd, the listed subsidiary of China’s largest private steelmaker Shagang Group, has announced that it has abandoned its efforts to acquire 100 percent equity in Jiangsu Province-based Suzhou Qingfeng Investment and Management Co., which was to have cost RMB 18.8 billion.
Shagang Co. said it will focus on the steel industry and on improving its performance.
At the same time, Shagang Co. announced that it has posted an operating revenue of RMB 9.283 billion ($1.43 billion) for the first half this year, up 43.31 percent year on year, while registering a net profit of RMB 546 million ($84.2 million), up 116.45 percent year on year.
$1 = RMB 6.4842