CITIC special steel successfully competes with Sha

2022-06-17
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CITIC special steel successfully won 40% equity of Shanghai Electric Group Steel Pipe Co., Ltd. on January 20, CITIC special steel announced that on January 4, the company held the 6th meeting of the 9th board of directors and the 5th meeting of the 9th board of supervisors, reviewed and passed the proposal on subsidiaries' participation in bidding for 40% equity of Shanghai Electric Group Steel Pipe Co., Ltd., and agreed that CITIC special steel, a wholly-owned subsidiary of CITIC special steel, would, According to the announcement issued by CITIC special steel, on January 4, the company held the sixth meeting of the ninth board of directors and the fifth meeting of the ninth electronic universal testing machine board, reviewed and passed the proposal on the participation of subsidiaries in bidding for 40% equity of Shanghai Electric Group Steel Pipe Co., Ltd, It is agreed that CITIC Taifu special steel economic and Trade Co., Ltd. ("special steel economic and trade"), a wholly-owned subsidiary of CITIC Special Steel Co., Ltd., will participate in the 40% equity transfer project of Shanghai Electric Group Steel Pipe Co., Ltd. ("loose cylindrical storage tank electric steel pipe") held by Shanghai Electric (Group) Corporation ("Shanghai Electric") through the public delisting of Shanghai United property rights transaction

on January 8, 2021, special steel economy and trade, a subsidiary of CITIC special steel company, received a notice from Shanghai United equity exchange. Special steel economy and trade became the transferee of the 40% equity project of Shanghai Electric Group Steel Pipe Co., Ltd. and successfully won the bid. The transaction price was RMB 400million. Recently, special steel economic and trade signed the property right transaction contract with Shanghai Electric

electric steel pipe is a holding company specially established by Shanghai Electric to control Tianjin Steel Pipe Manufacturing Co., Ltd. ("Tianjin steel pipe"), and its core assets are the 51.02% equity of Tianjin steel pipe. Tianjin steel pipe has inherited the core assets related to the original 3.5 million tons of seamless steel pipe production capacity of Tianjin Steel Pipe Group Co., Ltd., and has strong market competitiveness and influence in energy pipe. With a high market share, Tianjin steel pipe is one of the leading enterprises in the seamless steel pipe industry in China and even in the world

CITIC special steel is a leading enterprise in the special steel industry. Shanghai Electric is a leading large-scale comprehensive high-end equipment manufacturing enterprise in China. After CITIC special steel purchased 40% equity of electric steel pipe this time, the cost is low. All parties will combine their respective advantages in the industry, give full play to the industrial synergy and brand synergy, and jointly create new profit growth points. Through this acquisition, CITIC Special Steel Co., Ltd. will participate in the operation and management of Tianjin steel pipe. Tianjin steel pipe is mainly composed of medium and thin-wall seamless steel pipes, which can effectively complement the existing medium and thick wall seamless steel pipes of CITIC Special Steel Co., Ltd., which is conducive to improving the variety structure and scope of seamless steel pipes of both sides, jointly realizing the industrial cluster of seamless steel pipe production and marketing coordination, and improving the overall scale and competitiveness of seamless steel pipe business of both sides

in the future, CITIC special steel will further integrate market resources, accelerate the expansion of the strategic layout of the seamless steel pipe sector, expand the company's influence and market share in the downstream related industries of seamless steel pipe, such as machining, oil exploitation, energy, automobile, marine engineering, and actively build the seamless steel pipe business with the characteristics of CITIC special steel, Further enhance the brand influence and industry competitiveness of seamless steel pipe products of CITIC special steel

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