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Rizhao Steel sees resistance in taking Minmetals Yingkou Medium Plate
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Tuesday, 20 Nov 2012
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Rizhao Steel is seeing great resistance in taking Minmetals Yingkou Medium Plate and even in taking 39.96% stakes of the latter. Currently Rizhao Steel is in custodial of Minmetals Yingkou Medium Plate since the agreement signed between Rizhao Steel and the then majority holder Minmetals Development in February 2011.

The good news for Rizhao Steel is Mimetals is now determined to leave black smelting on long term prospective. Production is going the same way as before; Rizhao Steel is now our custodian; operations need to be reported to Minmetals as well as Rizhao Steel.

Despite the agreement on April 19th 2011, which announced Rizhao Steel to buy 39.96% stakes of Minmetals Yingkou Medium Plate at the cost of CNY 1.2092 per share, the interim report of Minmetals Development says it is still taking 50.4% stakes and CNY 4.94 billion of registered capital of Yingkou Medium Plate.

An insider said the agreement just needs more time and that it is certainly to be completed since the agreement on April 29th 2012 was approved by the Board.

Mr Zhou Zhongshu president of Minmetals said that it is engaged in ongoing discussions with Rizhao Steel when Rizhao Steel declined to comment.

Minmetals Yingkou Medium Plate set up a single office in July 2012 and not long ago it just published a proposal regarding ownership transition.

Source - www.steelhome.cn/en
China steel information centre and industry database

(www.steelguru.com)

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