Hebei acquires stake at Duferco

BEIJING (Scrap Monster): This is the first time in the country that, a state owned steel company is deciding on to acquire majority share of the global metal trading firm.  This is also the first symptom indicating that the Chinese companies are ready to go overseas with their business, as the rules of the country’s government are declining their restrictions on the  overseas investments.

According to the reports declared to the media, the mining firm is adamant on acquiring 51 percent of global trading company. The headquarters of Duferco, the global trading company is located at Luxemborg, and also has its branches in Italy, Switzerland and Belgium. The trading company has confirmed that, Hebei, would definitely have the majority in the deal, by declined to disclose accurate deal, or anything further about the detail of the shareholdings.

The statement released jointly by the two companies stated that, Hebei Iron and Steel, will utilize the trading company’s presence in the distribution as the global marketing , along with the trading firms access to  international financing structures, in order to energize, the company’s position as the global supplier.