Tsingshan buys POSCO's China stainless bases: CMN

China's Tsingshan Holding Group (Tsingshan), the world's leading stainless-steel producer headquartered in East China's Zhejiang province, has acquired the stainless cold-rolling operations in China of South Korea's POSCO Group, according to China Metallurgical News.

Privately-owned Tsingshan officially acquired POSCO Zhangjiagang Stainless Steel (PZSS) and Qingdao Pohang Stainless Steel Co. in an equity transfer agreement reached on July 3, CMN reported without quoting sources. No purchase price was given. Based on the agreement, the first Tsingshan Group management team was to enter PZSS on