China Oriental Group

China Oriental Group announced that its subsidiary Jinxi Steel will acquire a 15% stake in Huitong, a power transmission equipment company, for RMB 639 million. After the acquisition, Jinxi Steel will hold about 30% of Huitong's shares and become the largest single shareholder.

Fangchenggang Jinxi, a 97.6%-owned subsidiary of China Oriental Group, has signed an agreement with Chengde Zhaofeng to acquire iron capacity of 1.38 million tons/year and steel capacity of 1.5 million tons/year for a total consideration of CNY1.452 billion.

China Oriental Group has renewed a framework agreement with Oriental Sheet Piling for the supply of steel products, effective from January 1, 2017 to December 31, 2019, with annual caps of RMB 150 million.