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Baosteel to Buy 15% of Aquila, Reports Profit Growth
Shanghai Baosteel Group Corporation (Baosteel) announced October 30 that its application to purchase an equity stake in Australia's Aquila Resources (ASX:AQA) has been approved by the Australian Foreign Investment Review Board (FIRB). According to the announcement, Baosteel will purchase 15% of Aquila Resources for AU$285 million and will place Dai Zhihao, vice manager of Baosteel, on Aquila's board of directors.
Baosteel's listed subsidiary Baoshan Iron & Steel Co. Ltd. (600019.SH) net profit attributable to shareholders rose 6.6% year-on-year to RMB 3.04 million in the third quarter of 2008. The company sold 6.18 million metric ton (MT) of steel products in the third quarter, up by 446,000MT compared with the third quarter of last year, generating revenue of RMB 41.03 million, RMB 15.33 million less than in the same period in 2008. By the end of October, Baoshan Iron & Steel had signed special steel sales contracts with 34 clients, with orders totaling more than 6,000MT, Baosteel announced November 3.
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