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Baosteel Metal, a wholly-owned subsidiary of China Baowu Iron & Steel Group, plans to acquire a stake in NJYH Metal, a producer of magnesium alloys, aluminum alloys, and metal strontium, potentially gaining control of the company.
Baosteel Metal, a unit of Baowu Steel Group, plans to acquire a controlling 21.5% stake in RSM Group, a magnesium alloy supplier, through a private placement of 62 million new shares. The investment is about CNY 1.4 billion.
Yunhai Metal, together with Baosteel Metal, plans to invest 10.4 billion yuan in a 300,000-ton-per-year high-performance magnesium-based light alloy and deep processing project in Qingyang County, Anhui Province.