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    002756   CNE100001XB3

YONGXING SPECIAL MATERIALS TECHNOLOGY CO.,LTD

(002756)
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China steelmaker Jiangsu Shagang plans $2.25 billion Henan province consolidation drive

11/29/2020 | 11:46pm EDT

BEIJING (Reuters) - China's biggest private steel producer, Jiangsu Shagang Group, said on Monday it will invest 14.8 billion yuan ($2.25 billion) in buying up and modernising steel mills in central Henan province in a project to create a high-end manufacturing base.

Led by Anyang Yongxing Special Steel Co Ltd, a unit of Shagang based in Henan, the project targets annual iron capacity at 4.94 million tonnes and steel capacity at 5.5 million tonnes when complete, the company said, confirming a local media report. The company didn't disclose its planned completion date.

The company declined to identify potential acquisition targets by name, but said private mills in the Anyang city area would be involved. Anyang Yongxing currently has iron and steel capacity at 1.85 million tonnes and 2.22 million tonnes, respectively.

Beijing has been promoting consolidation in its more than one-billion-tonne steel sector in an effort to enhance major producers' competitiveness and knock out outdated production capacity. China Baowu Steel Group has completed multiple acquisitions and takeovers across the country this year.

Henan produced 32.99 million tonnes of crude steel in 2019, data from the National Bureau of Statistics showed.

(Reporting by Min Zhang and Dominique Patton; Editing by Kenneth Maxwell)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
JIANGSU SHAGANG CO., LTD. -3.30% 7.33 End-of-day quote.-33.18%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.03% 6.4597 Delayed Quote.-0.58%
YONGXING SPECIAL MATERIALS TECHNOLOGY CO.,LTD -2.18% 100 End-of-day quote.84.43%
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Financials
Sales 2021 6 452 M 998 M 998 M
Net income 2021 754 M 117 M 117 M
Net Debt 2021 - - -
P/E ratio 2021 55,8x
Yield 2021 0,92%
Capitalization 40 595 M 6 278 M 6 278 M
Capi. / Sales 2021 6,29x
Capi. / Sales 2022 5,28x
Nbr of Employees 1 475
Free-Float 42,8%
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Number of Analysts 3
Last Close Price 100,00 CNY
Average target price 117,49 CNY
Spread / Average Target 17,5%
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Xing Jiang Gao Chairman & General Manager
Hui Yu Chen Chairman-Supervisory Board
Li Zhang Independent Director
Jian Qiang Gu Director
Hui Yang Director & Deputy General Manager
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