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Baoshan Steel to offload loss-making assets
By Richard Fu |
February 29, 2012, Wednesday
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Online Edition
Online Edition
BAOSHAN Iron and Steel Co, China's largest listed steel maker, plans to sell its loss-making stainless steel and specialty steel assets to parent company to boost profitability.
The sale of the stakes, which are worth 45.2 billion yuan (US$7.2 billion), will help Baoshan Steel make a gain of 9.58 billion yuan excluding taxes, according to a filing to the Shanghai Stock Exchange.
These assets incurred a loss of 1.54 billion yuan in 2011.
"The company will focus on its carbon steel business upon completion of the transaction," it said.
Baoshan Steel said its annual steel output will fall from 26 million tons to 22 million tons after the sale, while its workforce will also be slashed by 8,000.
The listed unit may use the proceeds from the sale to fund a major steel project in the port city of Zhanjiang in Guangdong Province, China International Capital Corp analysts Luo Wei and Ding Yue said in a note today.
Baoshan Steel's stock price fell 0.57 percent to 5.27 yuan today.
The sale of the stakes, which are worth 45.2 billion yuan (US$7.2 billion), will help Baoshan Steel make a gain of 9.58 billion yuan excluding taxes, according to a filing to the Shanghai Stock Exchange.
These assets incurred a loss of 1.54 billion yuan in 2011.
"The company will focus on its carbon steel business upon completion of the transaction," it said.
Baoshan Steel said its annual steel output will fall from 26 million tons to 22 million tons after the sale, while its workforce will also be slashed by 8,000.
The listed unit may use the proceeds from the sale to fund a major steel project in the port city of Zhanjiang in Guangdong Province, China International Capital Corp analysts Luo Wei and Ding Yue said in a note today.
Baoshan Steel's stock price fell 0.57 percent to 5.27 yuan today.
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