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Daye Special to buy Zhejiang seamless pipe producer

Steel News - Published on Thu, 11 Jul 2019

Image Source: Bright Future Solution
Daye Special Steel Co the Shenzhen listed arm of CITIC Pacific Special Steel Holdings, China’s top specialty steel producer, is acquiring a bankrupt maker of large-diameter seamless pipes in East China’s Zhejiang province, according to a Daye announcement on July 2.

The company Daye intends to acquire is Zhejiang Gross Seamless Steel Tube Co, located in Zhejiang’s Shaoxing city, which was declared bankrupt by a local court on April 10 due to ‘operation failure’ and ‘insolvency’, the announcement indicated. Hubei province-based Daye intends to invest Yuan 49.2 million (USD 7.1 million)

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Posted By : Ratan Singh on Thu, 11 Jul 2019
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