Japan's second-largest steel company, JFE Holdings Inc., has agreed to acquire a 24% stake in Sichuan Pancheng Yihong Petroleum Steel Pipe Co., Ltd., which will serve as a springboard for expanding China's oil pipe market.
Located in Chengdu, Pancheng Yihong is a joint venture between PanGang Group and Chengdu Steel & Vanadium Co. and Marubeni-Itochu Steel Inc. Seamless steel pipe production.
JFE Steel Co., Ltd. issued a statement in Tokyo today saying that Pancheng Yihong Petroleum Steel Pipe Co., Ltd. will become a company under JFE Steel Co., Ltd., and the company will acquire the new shares issued by this Chinese company and obtain a 24% stake. The main purpose of this transaction is to expand its sales of seamless steel pipes for resource drilling. At present, the annual production capacity of Yihong Petroleum Steel Pipe Co., Ltd. has climbed to 230,000 tons. The company plans to raise annual production capacity to 330,000 tons by issuing new shares to raise funds. The details of this transaction were not provided in the statement.
Reuters quoted sources as saying that upon completion of the transaction, China’s Pangang Group would own 51% of the joint venture company, and ITOCHU Marubeni Iron & Steel Co., Ltd. would own 25% of the shares, and the remaining shares would be held by JFE Steel.
After the announcement of the above news, JFE Steel Co., Ltd. shares rose 3.6% in the Tokyo Stock Exchange today and closed at 2,794 yen per share in the afternoon session.
Located in Chengdu, Pancheng Yihong is a joint venture between PanGang Group and Chengdu Steel & Vanadium Co. and Marubeni-Itochu Steel Inc. Seamless steel pipe production.
JFE Steel Co., Ltd. issued a statement in Tokyo today saying that Pancheng Yihong Petroleum Steel Pipe Co., Ltd. will become a company under JFE Steel Co., Ltd., and the company will acquire the new shares issued by this Chinese company and obtain a 24% stake. The main purpose of this transaction is to expand its sales of seamless steel pipes for resource drilling. At present, the annual production capacity of Yihong Petroleum Steel Pipe Co., Ltd. has climbed to 230,000 tons. The company plans to raise annual production capacity to 330,000 tons by issuing new shares to raise funds. The details of this transaction were not provided in the statement.
Reuters quoted sources as saying that upon completion of the transaction, China’s Pangang Group would own 51% of the joint venture company, and ITOCHU Marubeni Iron & Steel Co., Ltd. would own 25% of the shares, and the remaining shares would be held by JFE Steel.
After the announcement of the above news, JFE Steel Co., Ltd. shares rose 3.6% in the Tokyo Stock Exchange today and closed at 2,794 yen per share in the afternoon session.
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