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Baosteel, Guangzhou Establish Guangzhou Thin Plate JV
04/25/2012 - Guangzhou Thin Plate Co., Ltd., a joint venture of Baosteel Group Co., Ltd. and Guangzhou Iron & Steel Group Co., Ltd., was established on April 19, an important part of the recapitalization protocol of Baosteel Group and Guanggang Group issued in August 2011.
Guangzhou Thin Plate Co., Ltd., a joint venture of Baosteel Group Co., Ltd. and Guangzhou Iron & Steel Group Co., Ltd., was established on April 19. Vice General Manager of Baosteel Group Co., Ltd. Zhou Zhuping took the chair.
In August of last year, Baosteel Group, State capital committee of Guangzhou Municipal, Guangzhou Iron & Steel Group, and Baosteel Zhanjiang Iron & Steel Co., Ltd. signed the document of “Protocol of related issue of establishment of Guangzhou Iron & Steel Co., Ltd.” Baosteel Zhanjiang invested in cash, Guangzhou Iron & Steel Group invested in 50% of holding shares of Guangzhou JFE Steel Plate Co., Ltd., establishing Guangzhou Thin Plate and constructing the second cold-rolled line in the Nansha Area.
The establishment of Guangzhou Thin Plate is an important part of the recapitalization protocol of Baosteel Group and Guanggang Group issued in August 2011. After the establishment of Guangzhou Thin Plate, Baosteel becomes the domestic shareholder of Guangzhou JFE Steel. Guangzhou Iron & Steel Group will practically perform holder responsibility, and coordinate with Baosteel Group to promote the development and construction of Guangzhou Thin Plate.
The goal is to build Guangzhou Thin Plate into a “technically advanced, energy-saving enterprise” that produces high-quality steel plate within three years.
