Traded as SSE: 600019 | Headquarters Shanghai, China | |
Type company limited by shares
subsidiary
holding company
listed company Revenue CN¥164.1 billion (2015) Operating income Profit CN¥1.013 billion (2015) | ||
Baoshan Iron and Steel Co., Ltd. known as Baosteel in short is a Chinese steel maker based in Shanghai, China. It is a constituent of CSI 300.
In 2000 Baosteel Group partial demerger itself to form Baoshan Iron and Steel Co., Ltd., and listed in Shanghai Stock Exchange. It was the largest initial public offering in China up to that time, raising CNY7.7 billion despite being limited to domestic investors only.
In 2004 Baoshan Iron and Steel acquired Meishan Iron and Steel from the parent company.
In October 2012 Baoshan Iron and Steel acquired 71.8032% stake of Zhanjiang Iron and Steel Co. Ltd. from State-owned Assets Supervision and Administration Commission of Guangzhou.
In 2012 Baoshan Iron and Steel invested 8 billion RMB in the third pipeline of West–East Gas Pipeline for 12.8% stake (Chinese: 中石油西北联合管道有限公司). In December 2015 the interests in the project was converted as the share capital of a new company, PetroChina Pipelines, (Chinese: 中石油管道有限公司) that managed the all three pipes, for 3.52% stake.
In mid-2016 Baosteel Group and China National Petroleum Corporation, both supervised by SASAC of the State Council, forming a cross ownership on their subsidiaries. After the deal, Baosteel Group would own 0.34% stake of PetroChina, while China National Petroleum Corp. would own 4.86% stake of Baoshan Iron and Steel.
On 21–22 September 2016, a merger between Baosteel Group and Wuhan Iron and Steel Group was announced. Baoshan Iron and Steel would takeover the listed counterpart of Wuhan Iron and Steel Group in an all-share deal, while all the rights of Wuhan Iron and Steel Group would be transferred to Baosteel Group, as both corporation were supervised by SASAC.