• Most Popular
  • Most Shared

China's Shanxi Coking Coal, Taigang launch JV

Sat May 30, 2009 4:22am EDT

Stocks

   

BEIJING, May 30 (Reuters) - China's Shanxi Coking Coal Group and top stainless steel maker Taigang Group have tied up to launch a new coking coal company that will supply the steel maker, the official Xinhua news agency reported on Saturday.

Xinhua cited Bai Peizhong, chairman of Shanxi Coking Coal, as saying his group will hold 60 percent of the new company, called Shanxi Coal-Steel Energy Development Company, while Taigang Group will own the remainder.

Shanxi Coking Coal Group is China's largest producer of coking coal, a key feedstock for the steel industry.

The report did not say how much the new company was expected to produce, but said that it would engage in coal mining, dressing and marketing and would ensure coal supplies for Taigang Group, parent of listed firm Taigang (000825.SZ).

Taigang is slated to take over smaller rivals in its home Shanxi province as part of a consolidation plan for the steel sector published by the government in March. (Reporting by Jason Subler; Editing by Dhara Ranasinghe)



More from Reuters

Photo

Democrats win 60th vote on health bill

WASHINGTON (Reuters) - Senate Democrats reached a compromise Saturday with holdout Senator Ben Nelson that secured the 60 votes they need to pass the broad healthcare overhaul sought by President Barack Obama.

» More Top News
A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

U.S.
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review