Australia government approvs Baosteel acquisition of Aquila

Saturday, 31 Oct 2009

Baosteel acquisition application on Aquila, Australia by USD 285 million was approved by FIRB (Foreign Investment Review Board) on October 29th. Mr Dai Zhihao Vice President of Baosteel Group will join Aquila Broad. The ceiling of Baosteel equity acquisition is shifted up to 19.99%.

Aquila is a comprehensive mining corporation home to west Australia with its operation scope of iron ore, coal and polianite.

The collaboration between Baosteel and Aquila is strictly in conformity to the International Business Law which operates under the recognition of international capital market. The cooperation is under the principle of mutual benefit and common development and is Baosteel's steady steps to its globalizing development