Wuhu Xinxing to acquire 100% stake in Huarun Steel

Wuhu Xinxing Ductile Iron Pipes Co., Ltd., a wholly-owned subsidiary of Xinxing Ductile Iron Pipes Co., Ltd., plans to acquire 100% stake in Jiangyin Huarun Steel Co., Ltd. for RMB1.24 billion (USD176 million). The acquisition is aimed at optimizing the company's steel product mix and accelerating its move into higher-end specialty steel.

Huarun Steel is engaged in steelmaking and the processing and sales of rolled products, with annual capacities of 940,000 tonnes of steel, 400,000 tonnes of high-quality seamless pipes, and 50,000 tonnes of tool-and-die steel plates. It also owns two subsidiaries specializing in metal trading and scrap recycling.