CITIC Pacific eyes on China’s largest seamless pipe maker
Jan 06, 2021 11:30
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China’ largest special steel producer CITIC Pacific Special Steel Group Co (CITIC Pacific) has bid for a 40% stake in Shanghai Electric Group Steel Tube Co (SEGST), which will enable CITIC Pacific to access the latter’s 3.5 million tonnes/year seamless pipe capacity in North China’s Tianjin should the deal go through, according to the CITIC Pacific’s release on the Shenzhen Stock Exchange on January 6.
This has been the first merger and acquisition case in China’s
steel industry since the start of 2021, and at a price of Yuan 400 million ($62
million), the deal will further strengthen CITIC Pacific’s share in China’s special
steel market as well as reduce domestic competition, Mysteel Global understands.
SEGST, a subsidiary of