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Baosteel secures M&A loan from BoCom
Baosteel to buy major stake in Ningbo Iron
Baosteel to cut output in December on sagging demand

Baosteel gets 800m yuan loan for Ningbo Steel

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-03-04 16:44

China Construction Bank (CCB) has agreed to offer an 800 million yuan ($116.96 million) 3-year M&A loan to Baosteel Group Corporation, Xinhua News Agency reported on Wednesday.

Baosteel will use the loan from CCB to take over Ningbo Iron & Steel Co Ltd, which is the country's first M&A deal fueled by bank loans after the State Council, China's Cabinet, approved the steel rejuvenation plan.

Bank of Communications has also provided a 750 million yuan M&A loan to Baosteel to help it buy into the Ningbo company.

Baosteel will eventually hold a 56.15 percent stake in the company.

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