Citic further consolidates its special steel business segment

3 January 2019

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Citic further consolidates its special steel business segment

(Asia Pacific): Daye Special Steel Co which is 58.13% indirectly owned by Citic Ltd. signed an agreement to acquire an 86.5% stake in Xingcheng Special Steel Works Co. Ltd. for ~23.18 billion yuan. CITIC already indirectly owns 90% shares in Xingcheng Special Steel which operates four special steel plants, a pellet plant, and a coking coal plant. The deal will increase CITIC’s shares in Daye Special Steel to 83.52%.

 Olympic Steel acquired McCullough Industries

(North America): In the US, Olympic Steel acquired McCullough Industries in an all-cash deal. In April 2018, Olympic Steel made another acquisition by acquiring a speciality steel processor Berlin Metals in an all-cash deal.

The US crude steel production increased by 1.6%

(North America): Crude steel output in the US reached 1,899,000 net tons for the week ended December 29, 2018, edged up by 1.6% compared to the previous week. Steel mills average capacity utilisation rate remained around 81%, according to the American Iron and Steel Institute.