Shagang Group

From Global Energy Monitor
This article is part of the Global Steel Plant Tracker, a project of Global Energy Monitor.
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Jiangsu Shagang Group Company Limited, Jiangsu Shagang Group, Shagang Group or Shasteel is located in Zhangjiagang, Jiangsu, China, an Economic Development Zone of the Yangtze River. Jiangsu Shagang Group is the world's sixth largest steel producer, with an annual crude steel production of 40.7 million metric tonnes in 2018.[1]

History

Formerly "Jiangsu Shagang Group Company Limited", it was established in 1975 with self-financing of only 450,000 Renminbi.[2]

The company drew the world's attention in 2001 when it acquired a steel mill (the Dortmund-Hörde plant) from German industrial giant ThyssenKrupp for 30 million euros and shipped its equipment to China where it was reassembled and resumed operation.[3]

In 2016, the Group headed a consortium that acquired London-based international data center Global Switch Holdings for £2.4 billion (HK$23.03 billion).[4] The consortium bought a 49 percent stake in the company in order to expand Global Switch Holding's strategic infrastructure.[4]

Due to ongoing overcapacity within the steel sector, Jiangsu Shagang Group purchased two internet data firms for $3.8 billion, as part of an attempt to expand into new industries for diversification.[5] The June 2017 deal targets Jiangsu Qingfeng Investment Management Co. Ltd. and Beijing Daily Tech Co. Ltd.[5]

References

  1. Top steelmakers in 2018, World Steel Association
  2. History of the Shagang Group
  3. China shakes the world, James Kynge, Sep. 27, 2006
  4. 4.0 4.1 "Chinese group pays £2.4bn for stake in data centre Global Switch". South China Morning Post. Retrieved 2017-07-04.
  5. 5.0 5.1 "Steel-Maker Shagang Changes Tack With Internet Acquisitions - Caixin Global". www.caixinglobal.com. Retrieved 2017-07-04.

External links

Wikipedia also has an article on Jiangsu Shagang Group (Shagang Group). This article may use content from the Wikipedia article under the terms of the Creative Commons Attribution-ShareAlike 3.0 Unported License].