Metalnewsnet 12 May ：

It is reported that two months after the equity transfer agreement, Shijiazhuang Iron and Steel Co Ltd is now officially taken over by Hebei Iron and Steel Group.

Mr Wang Yifang president of the Group lately said in Beijing that the next step will be the overall move of Shijiazhuang Steel to Town HuangHua at Cangzhou in Hebei province

He said that the personnel allocation would be a big problem in the overall move of the steel mill of a population of about 8000, which might be the main consideration of CITIC Pacific when it signed the equity transfer agreement.

Apart from the move consideration, the complementary product mix and HBIS ambition of becoming stronger led to this consolidation. With the new acquisition, Hebei Iron and Steel Group capacity now reaches 50 million tonnes.

Mr Wang said the group doesn't plan to launch new projects during the 12th Five Plan period from 2011 to 2015, but will be exclusively involved in the improvement of its product mix.

He said the Group will intensify the development of domestic ore mines with a target of an output of 30 million tonnes of concentrate by 2015, try to expand its industrial chains and acquire overseas resource assets and shoulder the burden of consolidation of steel industry in Hebei province with private steel mills counted in target.

(from money.163)