20% OF QINGDAO POSCO STAINLESS STEEL TO BE AUCTIONED
AsiaInfo Services, April, 2008
AsiaInfo Services 04-02-2008 20% of Qingdao POSCO Stainless Steel to Be Auctioned QINGDAO, Apr 02, 2008 (SinoCast via COMTEX) -- Chinese steelmaker Qingdao Iron and Steel Group Co., Ltd. has recently put a 20% state-owned stake in its affiliate Qingdao POSCO Stainless Steel Co., Ltd. (QPSS) up to auction on the Qingdao Equity Exchange, involving CNY 169.75 million. The capital raised from this equity transfer will be used for construction of the QPSS cold-rolled steel expansion project, which was approved by the company's two shareholders, South Korea-based iron and steel giant POSCO and Qingdao Iron and Steel Group, as well as the government of Qingdao, Shandong Province in east China, in 2003. Qingdao Iron and Steel Group requires that the buyer should invest USD 6...
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