Hebei Iron and Steel gets regulator nod for raising ¥16.02 billion

26 Apr 2011

The Securities Regulatory Commission of China has approved Hebei Iron and Steel's offer of up to 3.8 billion shares to designated investors in order to raise a maximum of ¥16.02 billion, according to a report in 163.com, which cited a company filing.

The funds so raised would be entirely used for the full acquisition of Hanbao Iron and Steel from Handan Iron and Steel Group.

Meanwhile, with the US business conditions improving sales of steel this year has picked up with the recovering economy. 

US factories increased production for the ninth month in a row. Automobile sales were up 20 per cent in the first quarter as against a year ago.

US Steel also has benefited from the sale of steel pipes to energy companies for oil and gas drilling as exploration in the sector picked on rising oil prices. 

US steel prices are ruling higher than year ago recording about a 20 percent increase in first-quarter average steel prices.