Baosteel Metal increases sake in Baowu Magnesium to 26.53%

On June 25, Baosteel Metal signed a share transfer agreement with shareholders of Baowu Magnesium to acquire an additional 49,589,578 shares at RMB11.94 (USD1.67) per share, for a total consideration of approximately RMB 592 million (USD 82.62 million). The transaction represents 5% of Baowu Magnesium's total equity.

Upon completion, Baosteel Metal's stake in Baowu Magnesium will increase to 26.53%, further strengthening its control over the company. The company stated that the move will enhance industrial synergies, accelerate the development of its light metals business, and establish Baowu Magnesium as a key platform in China Baowu's light metal strategy.