[Ferro-Alloys.com]Reportedly, western China based steelmaker Bayi Steel has just announced that it is planning to acquire 110% share of Nanjiang Steel Baicheng Co., Ltd. with RMB481 million (about USD77 million).

The said firm was established in 2010 with a designed capacity of 3 MTPA, and its main products lines are steel ingot, wire and rods. The initial investment value was about RMB8.8 billion (about USD1.4 billion).

One official from Bayi Steel said that after the acquisition, its total capacity would increase from 8 MTPA to 11 MTPA, which will strengthen its regional production advantage significantly.