Jianlong Group, a Chinese metallurgical group headquartered in Beijing, announced its intention to acquire Xining Special Steel from Qinghai Province. It is stated that the purchase transaction costs 1.26 billion yuan ($180 million).
The company to be acquired, Xining Special Steel, produces alloy steel. It is known that its annual capacity is 750 thousand tons of coke, 2.1 million tons of steel and 2.0 million tons of rolled products.
Jianlong Group aims to integrate Xining Special Steel, which it will acquire, into its special steel division. Thanks to the many projects implemented in this field, the total production capacity of this product is expected to reach 10.6 million tons annually by the end of 2028.
By the end of 2022, Jianlong Group melted 36.56 million tons of steel with a capacity of 42 million tons, becoming China's fifth largest steel producer and ranked 8th in the world.
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