Baoshan Iron and Steel Co., Ltd.

Baoshan Iron and Steel
public
Traded as SSE: 600019
Headquarters Shanghai, China
Revenue Decrease CN¥164.1 billion (2015)
Decrease CN¥1.850 billion (2015)
Decrease CN¥1.013 billion (2015)
Total assets Increase CN¥234.1 billion (2015)
Total equity Decrease CN¥112.8 billion (2015)
Owner
Baowu Steel Group
public shareholders
Subsidiaries
Wuhan Iron & Steel Co., Ltd.(100%)
Meishan Iron & Steel Co., Ltd.(77.0%)
Zhanjiang Iron & Steel Co., Ltd.
Footnotes / references
in a consolidated basis[1]
Baoshan Iron and Steel Co., Ltd.
Simplified Chinese 宝山钢铁股份有限公司
Traditional Chinese 寶山鋼鐵股份有限公司
Literal meaning Baoshan Steel and Iron Company Limited by Shares
Baosteel
Simplified Chinese 宝钢股份
Traditional Chinese 寶鋼股份
Literal meaning Baosteel Shares

Baoshan Iron and Steel Co., Ltd., also known as Baosteel, is a maker of steel based in Shanghai, China, and a subsidiary of China Baowu Steel Group (formerly Baosteel Group). It is listed on the Shanghai Stock Exchange and is a constituent of the CSI 300 stock market index.[2]

History

In 2000, the Baosteel Group split, creating the new Baoshan Iron and Steel Co., Ltd., which was listed on the Shanghai Stock Exchange. It was the largest initial public offering in China up to that time,[3] raising CNY 7.7 billion despite being limited to domestic investors.

In 2004, Baoshan Iron and Steel acquired Meishan Iron and Steel.[4] In October 2012, Baosteel acquired a 71.8% stake in Zhanjiang Iron and Steel from the State-owned Assets Supervision and Administration Commission (SASAC) of the Guangzhou Municipal People's Government. In the same year, Baosteel invested CNY 8 billion in the third pipeline of the West–East Gas Pipeline, acquiring a 12.8% stake (the pipe was incorporated as a limited company called Chinese: 中石油西北联合管道有限公司). In December 2015, a new company, PetroChina Pipelines (Chinese: 中石油管道有限公司), was formed to manage all three of the West-East pipelines, and existing share capital of the three management companies were converted into the share capital of the new company, giving Baosteel an overall 3.25% stake.[1][5]

In mid-2016, Baosteel Group and China National Petroleum Corporation, both overseen by the SASAC of the State Council, formed a cross ownership arrangement for their listed subsidiaries. After the deal, Baosteel Group held a 0.34% stake in PetroChina, while China National Petroleum Corp. received a 4.86% stake in Baoshan Iron and Steel.[6] On 21–22 September 2016, a merger between Baosteel Group and Wuhan Iron and Steel Group was announced. Baoshan Iron and Steel would take over the listed counterpart from Wuhan Iron and Steel Group in an all-share deal,[7] while all the rights of Wuhan Iron and Steel Group would be transferred to Baosteel Group, as both corporations were supervised by the Central Government's SASAC.

References

  1. 1 2 "2015 Annual Report" (PDF). Baoshan Iron and Steel (in Chinese). archive of Shanghai Stock Exchange. 31 March 2016. Retrieved 3 October 2016.
  2. ↑ "constituent list". China Securities Index. Retrieved 6 October 2016.
  3. ↑ "China's Baosteel heads for stock market". BBC. 6 November 2000. Retrieved 3 October 2016.
  4. ↑ 关于资产收购及关联交易的公告 [Announcement of Acquisition of Assets and Related-Parties Deal] (PDF). Baoshan Iron and Steel (in Chinese). archive of Shanghai Stock Exchange. 12 August 2004. Retrieved 6 October 2016.
  5. ↑ "Discloseable Transaction – Connected Transaction" (PDF). PetroChina. 24 December 2016. Retrieved 3 October 2016 – via Hong Kong Exchanges and Clearing website.
  6. ↑ "Baosteel Seals CNPC Stake Swap With $590 Million Worth of Shares". Bloomberg. 15 August 2016. Retrieved 3 October 2016.
  7. ↑ "China's Top Steel Mills Step Closer to Creating Arcelor Rival". Bloomberg. 21 September 2016. Retrieved 3 October 2016.
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