Delong's unit to sell production capacity for 400m yuan
STEEL manufacturer Delong Holdings on Monday said its unit Aoyu Steel plans to sell its pig iron production capacity of 1.08 million tonnes and steel production capacity of 1.21 million tonnes, for an aggregate consideration of 400 million yuan (S$81.1 million).
This follows plans by the Hebei province's 12th National People Congress to reduce steelmaking capacity in the province by 31.86 million tonnes in 2017, and to speed up steelmaking capacity reduction efforts in the cities of Langfang, Baoding and Zhangjiakou.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
OpenAI inks licensing deal with People magazine publisher
Apple unveils new AI-focused chip in upgraded iPad Pro models
DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares
Disney's surprise streaming entertainment profit offset by weaker TV business
Geely, Foretellix partner to jump-start self driving car development
US: Wall Street opens slightly higher on rate cut optimism