Puyang Steel Acquires Xinwuan Steel in Hebei
Hebei Province-based Chinese steelmaker Puyang Iron and Steel Group has acquired another Hebei based steelmaker Hebei Xinwuan Iron and Steel Group’s Hong Rong Iron and Steel Co Ltd, obtaining 70 percent of its equity. Accordingly, Puyang Steel’s overall annual crude steel capacity will exceed 10 million tonnes.
In 2020, Puyang Steel's annual crude steel output amounted to 6.3 million tonne, while Hong Rong Steel's annual crude steel output exceeded 2.0 million tonnes. Puyang Steel has also a subsidiary, Xingtai Iron and Steel, with more than 2.0 million tonnes of crude steel capacity.