Asset injection not listing signal
By Richard Fu |
April 1, 2011, Friday
|
Print Edition
Print Edition
BAOSHAN Iron and Steel Co, China's largest listed steel company, will acquire more assets from its parent, but there is no immediate plan for a group listing.
Parent Baosteel Group may inject Xinjiang Ba Yi Iron & Steel in Xinjiang Uygur Autonomous Region and Ningbo Steel in Zhejiang Province at the appropriate time, Baoshan Steel Chairman He Wenbo said yesterday.
A planned 5 million ton-a-year mill in Zhanjiang in Guangdong Province is also in the pipeline, He said, adding that the project will produce similar products as listed Baoshan Steel such as high-end steel for auto and home appliance use.
He said Baoshan Steel now accounts for 60 percent of Baosteel's capacity. The ratio next year may be 58 percent as the group expands fast, he said, adding there is no immediate plan for a group listing.
The listed unit said late Wednesday earnings more than doubled last year but warned of slower rise in global steel demand this year.
Baoshan Steel's 2010 net profit of 13 billion yuan accounted for 14.5 percent of the profits posted by 77 large and medium steel makers tracked by the China Iron and Steel Association.
Its crude steel output of 26.45 million tons in 2010 only accounted for 4.2 percent of the nation's total.
Parent Baosteel Group may inject Xinjiang Ba Yi Iron & Steel in Xinjiang Uygur Autonomous Region and Ningbo Steel in Zhejiang Province at the appropriate time, Baoshan Steel Chairman He Wenbo said yesterday.
A planned 5 million ton-a-year mill in Zhanjiang in Guangdong Province is also in the pipeline, He said, adding that the project will produce similar products as listed Baoshan Steel such as high-end steel for auto and home appliance use.
He said Baoshan Steel now accounts for 60 percent of Baosteel's capacity. The ratio next year may be 58 percent as the group expands fast, he said, adding there is no immediate plan for a group listing.
The listed unit said late Wednesday earnings more than doubled last year but warned of slower rise in global steel demand this year.
Baoshan Steel's 2010 net profit of 13 billion yuan accounted for 14.5 percent of the profits posted by 77 large and medium steel makers tracked by the China Iron and Steel Association.
Its crude steel output of 26.45 million tons in 2010 only accounted for 4.2 percent of the nation's total.
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