Shandong Iron to obtain Nanjinzhao Group

Shandong Iron and Steel Group revealed plans to acquire Nanjinzhao Group, a Shandong-based large private enterprise specialising in steel, ore mining and coking business. An insider from SISG revealed that negotiations between the companies have been continuing for two months now, and may come to terms by means of equity participation. Nanjinzhao Group, located at Zibo in Shandong province ranked 289 out of the top 500 Chinese enterprises in 2009 with sales income beating CNY 1.88 billion (US$276 million). It's held iron ore resource now both at home and overseas together has outnumbered what Shangdong Iron owns. By 2020, Shandong Iron plans to boost iron ore supplies from its own resources to around 15 million metric tonnes, which would be equal to 30% of total iron ore supplies to the group.Air Jordan XI 11 Shoes