UPDATE: Baowu signs agreements to acquire Shangang

China Baowu Steel Group (Baowu) sealed strategic investment agreements on December 28 with the Shandong provincial government on the takeover of the state-owned Shandong Iron and Steel Group (Shangang), according to a post by the steel giant on its official WeChat account on Thursday.

According to the investment agreements, China Baowu is set to secure a substantial 49% stake in Shandong Iron and Steel. Additionally, its listed-arm Baoshan Iron & Steel Co (Baosteel) will hold a 48.6% stake in SD Steel Rizhao Co., Ltd., as outlined in the deal. Shangang's crude steel output totaled 29.4 million