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Daye Special to buy Zhejiang seamless pipe producer

Daye Special Steel Co (Daye), the Shenzhen-listed arm of CITIC Pacific Special Steel Holdings, China’s top specialty steel producer, is acquiring a bankrupt maker of large-diameter seamless pipes in East China’s Zhejiang province, according to a Daye announcement on July 2.
The company Daye intends to acquire is Zhejiang Gross Seamless Steel Tube Co (Gross), located in Zhejiang’s Shaoxing city, which was declared bankrupt by a local court on April 10 due to ‘operation failure’ and ‘insolvency’, the announcement indicated. Hubei province-based Daye intends to invest Yuan 49.2 million ($7.1 million) to

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