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Local government records Duferco acquisition by Hebei Steel

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2015-02-10 GMT+8:00

BEIJING, Feb. 10 (Xinhua) -- The local commerce authority of North China Hebei province has made records about the acquisition of Switzerland-based Duferco International by Hebei Iron and Steel Group (HBIS).

Hebei Iron and Steel acquired a 51.4 percent stake in Duferco with 480 million US dollars, a leading steel trader in the world, under an agreement the two sides signed in November 2014.

HBIS will be able to use Duferco's global marketing and distribution presence to enhance its position as a global steel supplier. It is estimated Hebei Steel will sell up to 10 million tonnes of steel on the international market annually.

(Edited by Zhang Yuenan, zhangyuenan@xinhua.org)

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