China Baowu Steel to take 51% stake in stainless steelmaker TISCO

China Baowu Steel Group agreed to take a 51% stake in Taiyuan Iron & Steel (TISCO) from Shanxi State-owned Capital Operation Co Ltd. The stake is valued at 14.5 billion yuan ($2.10 billion) but Baowu will not pay for it in a state-backed restructuring.

“Baowu Group reached agreement with Shanxi State-owned Capital Operation Co Ltd on Friday to take a 51% stake in TISCO, according to a filing on the Shenzhen Stock Exchange by Shanxi Taigang Stainless Steel, a TISCO subsidiary.”thestar.com.my

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• thestar.com.myChina Baowu Steel to take control of stainless steelmaker TISCO | The StarThe Star OnlineAug 21, 2020

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