Shandong Gaining Port Access in Takeover of Rival

摘要

Shandong Iron & Steel Group, Chinas sixth-largest steelmaker, will gain easier access to imported raw materials by taking over a rival situated at the country's largest iron ore port, according to Mysteel Research Institute. Bloomberg reported that the state-owned mill is acquiring Rizhao Steel Holding Groups assets in Rizhao city, about 400 miles north of Shanghai, through a venture, the provincial government said recently without disclosing the value. The venture, in which Shandong will own 67 percent and Rizhao the rest, will have an annual steel output capacity of 20 million metric tons (Mt).