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Steel firm wants to diversify overseas - China.org.cn - 0 views

www.china.org.cn/...content_22068121.htm

development Correnti steel

shared by Yadkin River on 18 Dec 11 - No Cached
  • The company and the US-based Steel Development Company signed a deal in September last year to jointly build a steel rebar project in the US market. Total investment in the Mississippi steel rebar project is $168 million, with Anshan Steel taking a 14-percent share. Anshan Iron also plans to acquire nickel and chromium resources through overseas mergers or purchases, as the company considers building a stainless steel and specialty steel business to further diversify, Zhang said. Wang Min, Party chief of Northeast China's Liaoning province, where Anshan Steel is located, said the merger between Anshan Iron and Benxi Iron and Steel Group will make progress soon.
  • Yadkin River on 18 Dec 11
     
    The company and the US-based Steel Development Company signed a deal in September last year to jointly build a steel rebar project in the US market. Total investment in the Mississippi steel rebar project is $168 million, with Anshan Steel taking a 14-percent share. Anshan Iron also plans to acquire nickel and chromium resources through overseas mergers or purchases, as the company considers building a stainless steel and specialty steel business to further diversify, Zhang said. Wang Min, Party chief of Northeast China's Liaoning province, where Anshan Steel is located, said the merger between Anshan Iron and Benxi Iron and Steel Group will make progress soon. Anshan Steel announced in 2005 that it agreed to acquire Benxi Steel to form Anben Iron and Steel Group; however, the two firms have yet to transfer their operating assets to the new entity. The two companies' financial, sales and purchasing departments haven't been integrated. The move is a part of Anshan Steel's bid to reach an annual production capacity of 60 million tons in the next five years and to become one of the world's top five steelmakers by 2015.
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Whose wallets will the Duke-Progress merger hit? - Economy - NewsObserver.com - 0 views

www.newsobserver.com/...ts-will-the-duke-progress.html

Duke Progress Energy Merger

shared by Yadkin River on 18 Dec 11 - No Cached
  • Yadkin River on 18 Dec 11
     
    Duke Progress Energy Merger
Yadkin River

U.S. Steel Industry Says Get Ready, Chinese Government Companies Are Coming To America - 0 views

www.manufacturingnews.com/...steel109.html

steel industry chinese government yadkin

shared by Yadkin River on 18 Dec 11 - No Cached
  • "In essence, after creating, developing and nurturing massive 'national champions,' the Chinese government is now strategically deploying these entities overseas to execute the government's agenda: to acquire natural resources and raw materials, obtain technology and expertise, gain entry into new markets and increase China's economic and political influence on a global scale."
  • Such ownership is deemed illegal under the World Trade Organization rules. Yet China has defied them. The Chinese government owns most of the shares of the major steel producers. It is involved in making the business decisions within virtually all of China's major steel companies.
  • The Chinese government has directed its Anshan Iron and Steel Group to directly invest in the United States. On May 17, 2010, the company announced a joint venture with Steel Development Co. of Amory, Miss., to build up to five new steel plants in the United States. "Anshan's investment in SDC is the direct result of China's industrial policies," notes Wiley Rein. The 100-percent state-owned enterprise became China's fourth largest steel producer "through government mandated mergers and the receipt of massive government subsidies." China's 2009 "Revitalization Plan," "explicitly identifies Anshan as a recipient of extensive government support in order to strengthen its international competitiveness and to assist Anshan in acquiring strategic resources and establishing operations abroad. . . Anshan is now investing in the U.S. steel market, with the full force and encouragement of the Chinese government." China is stepping up its global strategy. China's government said it invested $43.3 billion overseas in 2009. Through June 2010, overseas investment had reached $55.2 billion. The OECD says these figures are "substantially" underestimated. Chinese foreign mergers and acquisitions have increased by more than 50 percent in the first half of 2010, according to report from China Daily Online. "Chinese investment into the United States jumped 360 percent in the first half of 2010 compared to the same period last year," according to the Wiley Rein report. "In 2009, Chinese enterprises announced new direct investment in the United States of approximately $5 billion, up from $500 million in 2008, and despite a significant global downturn in such investments. Moreover, Chinese firms acquired or announced that they were starting more than 50 U.S. companies in 2009."
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China's 'go abroad' policy produces effects - People's Daily Online - 0 views

english.peopledaily.com.cn/...7443645.html

china GOINGABROAD goabroad yadkin

shared by Yadkin River on 19 Dec 11 - No Cached
  • Dong Songgen, vice chairman of the China Council for the Promotion of International Trade, said that Chinese enterprises' cumulative outbound direct investments stood at 260 billion U.S. dollars at the end of 2010. The pace of Chinese enterprises' "going abroad" will be further accelerated during the 12th Five-Year Plan period. According to a recent report released by the U.S.-based Asia Society, China's gross overseas investments are expected to reach 2 trillion U.S. dollars by 2020.
  • Data shows that Chinese enterprises have established 13,000 enterprises in 177 countries and regions.
  • In terms of countries and regions, the United States is still the largest investment destination for Chinese enterprises, with 28 percent of Chinese enterprises surveyed planning to invest in the United States
  • ...4 more annotations...
  • Xu said that the foreign investment of China's enterprises cover various kinds of industries. Of them, the industry in which China invests in most heavily is the manufacturing industry, and the proportion of China's foreign investment in this industry to total foreign investment is 78 percent in developed countries and 71 percent in developing countries.
  • In addition, more than 30 percent of the enterprises have adopted the mode of founding a joint venture.
  • The number of China's enterprises that invest in foreign countries through mergers and acquisitions is also growing, and their investment accounts for 22 percent and 15 percent of the total in developed countries and in developing countries, respectively
  • Ma Yu said that the main part of China's foreign investment is still done by state-owned enterprises currently. According to statistics, the foreign investment from state-owned assets plays an absolutely dominant role.
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