General Steel to acquire 60pct interest in Tangshan Baotai
Thursday, 19 Nov 2009
General Steel Holdings, Inc enters non binding Letter of Intent to acquire a 60% controlling interest in Tangshan Baotai Iron and Steel Group Co Ltd.
Upon closing, General Steel expects to benefit from Baotai market position producing and selling steel billet and strip steel in Hebei province as well as their location about 100 kilometers from the Tangshan port. This location gives Baotai access to high quality iron ore with minimal transportation costs.
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