Mar 16, 2023 05:59 AM

BUSINESS

Shagang Agrees to Pay Fosun $1.97 Billion for Nangang Iron & Steel Stake

By Luo Guoping, Bao Zhiming and Denise Jia

What’s new: Jiangsu Shagang Group signed a formal agreement to buy 60% of Nanjing Nangang Iron & Steel United Co. Ltd. for 13.58 billion yuan ($1.97 billion) from Fosun International Ltd., the companies said Tuesday.

The price is almost 3 billion yuan lower than agreed in October. Whether the deal will go through is still up in the air as Nangang’s other parent company, Nanjing Steel Group, may favor another buyer. Other bidders — including state-owned Citic Pacific Special Steel Group Co. Ltd. and Jiangxi Fangda Steel Group Co. Ltd. — may mount rival offers.

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