China Baowu Steel Group

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.

China Baowu Steel Group signed a restructuring implementation agreement to acquire a 51% stake in Maanshan Iron and Steel Group from Anhui SASAC, making Baowu the controlling shareholder. The deal was announced on September 19, 2019.

Henan Energy & Chemical Group, Sanmenxia City Government, and China Baowu Steel Group signed a joint venture cooperation agreement for the Tongren Aluminum project, a 600,000-tonne-per-year aluminum deep processing project in Sanmenxia, Henan. The project was originally invested by Henan Energy in 2011 and is planned to start trial production in 2020.