24
Aug
01:00
Hegang raises funds for autosheet expansion
Northern China’s Hebei Iron and Steel (Hegang) saw its shares resume trading on the Shenzhen Stock Exchange on Monday after completing a non-public share issuance. The funds will be used to buy out and invest in an autosheet subsidiary and to pay down debts, Kallanish notes.
Hegang is raising CNY 8 billion ($1.25 billion) from the issuance at CNY 5.6/share. CNY 4.1 billion will be used to gain 100% control of Tanggang Automotive Sheet Company…
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Very good overview of the weekly steel market.
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