Shagang Group acquires controlling stake in ST Zhang Copper

Jiangsu-based copper pipe producer ST Zhang Copper announced that China's Securities Regulatory Commission has approved the application of Shagang Group, the largest private steel enterprise in China, also based in Jiangsu, to take a controlling stake in ST Zhang Copper. Accordingly, ST Zhang Copper will issue 1.178 million shares to Shagang Group to enable it to purchase a 63.79% stake, worth Rmb2.096 billion (US$306 million) in Huaigang Special Steel, which is currently owned by Shagang. Following the transaction, Shagang will hold a 74.84% stake in ST Zhang Copper, be coming the cont rolling shareholder of the latter. Huaigang Special Steel produces high-quality special steel for spring, bearing, alloy pipe billet and automobile applications.Balenciaga