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Shougang buys into Shanxi peer

(chinadaily.com.cn)
Updated: 2009-08-11 17:19

Beijing-based Shougang Group has purchased 90 percent of Shanxi Changzhi Iron & Steel for 500 million yuan, the Beijing Business Today reported August 11.

Shougang will invest 19 billion yuan in Changzhi Steel, raising its annual capacity to 6 million tons by 2012, up from the current 3.6 billion tons.