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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  Baoshan Iron & Steel Co., Ltd.    600019   CNE0000015R4

BAOSHAN IRON & STEEL CO., LTD.

(600019)
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China Baowu Group expands to take over Chongqing Iron & Steel

09/16/2020 | 07:13am EST
A Baowu Steel Group sign is seen in Pudong district in Shanghai

China Baowu Steel Group, the country's top steelmaker, had sealed agreement to take control of Chongqing Iron & Steel Co Ltd, to expand its territory after buying Maanshan Iron & Steel and stainless steel maker TISCO.

Known as Baowu Group, the steel giant on Wednesday signed agreement to get 40% stake in Chongqing Iron & Steel's controlling shareholder - worth 1.6 billion yuan of its registered capital, the Chongqing firm said in a filing to the Shanghai Stock Exchange.

Baowu will replace Four Rivers Investment as the owner of Chongqing Iron & Steel, with 2.1 billion shares, or 23.51% stake indirectly held in the southwestern steelmaker, according to the filing.

The statement did not mention value of the transaction, but said that related taxes occurred will be bore by the buyer.

Baowu Group had made two important purchases of China's Taiyuan Iron & Steel and Maanshan Iron & Steel in 2019 and 2020, in response to industry regulator's appeal to further consolidate the country's mammoth steel sector.

Chongqing Iron & Steel, with 6.7 million tonnes of steel output in 2019, could help fuel Baowu's goal of achieving over 100 million tonnes of the industrial metal per year.

The deal is still pending certain conditions including China's anti-monopoly regulator's approval, according to the filing.

Chongqing Iron & Steel's share closed at 1.54 yuan ($0.2279) per share on Wednesday.

($1 = 6.7579 Chinese yuan renminbi)

(Reporting by Min Zhang in Beijing and Emily Chow in Shanghai, editing by Louise Heavens)


© Reuters 2020
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Financials
Sales 2020 281 B 42 795 M 42 795 M
Net income 2020 11 135 M 1 693 M 1 693 M
Net Debt 2020 44 599 M 6 782 M 6 782 M
P/E ratio 2020 12,4x
Yield 2020 4,12%
Capitalization 138 B 21 026 M 21 030 M
EV / Sales 2020 0,65x
EV / Sales 2021 0,60x
Nbr of Employees 52 323
Free-Float 29,7%
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Technical analysis trends BAOSHAN IRON & STEEL CO., LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 6,98 CNY
Last Close Price 6,21 CNY
Spread / Highest target 38,8%
Spread / Average Target 12,4%
Spread / Lowest Target -14,0%
EPS Revisions
Managers
NameTitle
Ji Xin Zou Chairman
Yong Hong Zhu Chairman-Supervisory Board
Mei Fen He Member-Supervisory Board
Jin Gang Zhang Director
Han Sheng Yu Member-Supervisory Board
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