Baosteel has quoted to sell its 40-percent stake in Shanghai Krupp Stainless Steel Company for a base price of 1.927 billion yuan. Baosteel said it is looking for a domestic buyer with net assets not below 3 billion yuan under the 2014 audit report.
Krupp Stainless was jointly founded by Outokumpu and Baosteel in 1997. With an annual cold-rolling capacity of 290,000 tonnes, Krupp Stainless gained operational revenues of 2.903 billion yuan and incurred net losses of 129 million yuan in 2014. In the first 10 months of this year, Krupp Stainless made profit of 179 million yuan on operational revenue of 2.102 billion yuan.
arlier in October, Outokumpu, the biggest shareholder of the stainless steel producer, sold a 55-percent stake to Lujiazui International Trust and kept only a 5-percent stake. Krupp Stainless has book assets of 1.664 billion yuan, while its assets are valued at 4.861 billion yuan, thanks to the properties it owns in Shanghai Pudong New District. Krupp Stainless has a land area of 412,020 square meters and a real estate area of 97,796.4 square meters.
Latest comments