JFE Steel Investing in Baosteel Special Steel Shaogan
Japan Bank for International Cooperation has announced that, cofinancing with Mizuho Bank, it has loaned USD 58 million to Japanese steelmaker JFE
Holdings Co for the acquisition of equity interest in China based Baosteel Special Steel Shaoguan. The loan is aimed to finance a part of JFE's spending of CNY 686 million (USD 104 million) to acquire a 50% stake in Baosteel Special Steel Shaoguan, a wholly owned subsidiary of its Chinese partner Guangdong Shaoguan Iron and Steel Songshan. SGIS' parent company is China's biggest steelmaker state controlled Baowu. SGIS holds the other 50% in BSSS.
The new joint venture, tentatively named Baowu JFE Special Steel, produces around 1.1 million tonnes per yearof speciality steel bars at its Shaoguan plant in Guangdong province for automobile sector