Apr 29, 2023 03:48 AM

BUSINESS

Shagang Sues Fosun for Breach of Contract in $1.97 Billion Steel Sale

By Bao Zhiming, Luo Guoping and Denise Jia

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What’s new: Jiangsu Shagang Group Co. Ltd. sued Fosun International Ltd. alleging breach of contract in its deal to acquire Fosun’s steelmaking assets after a rival bidder preempted the transaction.

In a civil lawsuit filed with the Jiangsu Provincial Higher People’s Court, Shagang demands that Fosun honor the original agreement, Fosun said Thursday night in a statement.

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