Metal Products News
- Valin Steel to acquire tube maker
Date: 10-Aug-2007 Sources: (Shenzhen Daily)
HUNAN Valin Iron and Steel Group, the country's 10th-largest steel mill, has agreed to pay about 400 million yuan (US$53 million) for a 55 percent stake in a steel tube maker, an official at Valin's Shenzhen-listed arm said Thursday.
Valin Steel will pay cash for the stake in Jiangsu Xigang Group by participating in a capital expansion, the company's listed arm, Hunan Valin Steel Tube and Wire Co., said in a statement. 'The parent company will pay about 400 million yuan for the stake,'said Li Mingzhi, a board official at Hunan Valin Steel Tube and Wire.
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