JINAN STEEL TAKES CONTROL OF 5M TPY VIETNAMESE BLAST FURNACE PROJECT

摘要

China's Jinan Iron & Steel Co is set to become the majority shareholder in a Vietnamese blast furnace joint venture with Tycoons Worldwide Group (TWG). Jinan will take a 60 percent stake in the integrated steel works in Vietnam's Dung Quat Economic Zone, up from the initially agreed 40 percent, TWG said in a filing to the Stock Exchange of Thailand following a shareholders meeting last week. TWG is the Thai subsidiary of Taiwan's Tycoons Group Enterprise Co. The change in ownership structure, which still needs to be approved by TWG shareholders, will see TWG's stake in the project drop to 40 percent from 60 percent.