Fujian Sangang buys steel-making capacity
BEIJING, November 19, 2018
State-backed Fujian Sangang Group of China purchased iron- and steel-making capacity from a bankrupt plant in western China, the company said.
The purchase will allow the company to expand its capacity, a Reuters report said.
Fujian Sangang will pay 1.81 billion yuan ($260.71 million) for 1.22 million tonnes of iron-making and 1.35 million tonnes of steel-making capacity located at a plant owned by Laiwu Steel Co in China’s northwestern province of Xinjiang, the company said.
