China's CITIC buys controlling stake in Nanjing Iron & Steel for nearly $2b

China's CITIC buys controlling stake in Nanjing Iron & Steel for nearly $2b

REUTERS/Kim Kyung-Hoon/Files

State-owned Chinese conglomerate CITIC Limited said on Sunday it will buy a 55% stake in Nanjing Iron & Steel Group, one of the country’s top specialty steel producers, beating out top private steelmaker Jiangsu Shagang Group.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter