Four Chinese steel makers cut output up to 20 pct Oct 8, 2008
"The question now remains at what levels prices will stabilise. Producers are now being forced to cut production, and we think that the economics will force producers to leave the market. Currently spot prices remain below marginal cost, implying that we are still some way off equilibrium." The Hong Kong shares of Anshan's subsidiary Angang Steel were down 9 percent early on Wednesday, while Jinan Iron and Laiwu Steel, which are merging to form Shandong Iron , were down 3 percent. For a story on... (guardian.co.uk)
Vale Asks for 13 Percent Rise in Iron Ore Prices, Chinese Steelmakers Say Sep 5, 2008
The proposed prices would match what ArcelorMittal and European steelmakers are paying Vale, according to a Laiwu Steel official, who only gave her name as Xia. It sounds ridiculous,'' Li Guanghong, iron ore manager for Rizhao Iron & Steel Co., a Shandong-based steelmaker, said in Shanghai. (Bloomberg -- Latin America)
Region 15 Hears From Chinese Friends in Laiwu May 17, 2008
MIDDLEBURY-SOUTHBURY - "Thank you very much and please tell our friends in Connecticut that all people here in Laiwu are okay. In Shandong and several other provinces we only felt slight shake but all is okay here.". Dr. Lois Lanning, Region 15 assistant superintendent of schools, was relieved to receive this e-mail last Tuesday from "John," aka Zang Jun, head English teacher at the Number 1 High School in Laiwu City, Shandong Province ... Last April, Dr. Lanning and Dr. Yolande Bosman, who... (Voices, CT)
Laiwu, Jinan Steel Merge Today to Create China's Second-Biggest Steelmaker Mar 26, 2008
Laiwu, Jinan Merge to Be China's Second-Biggest Mill (Update1) ... Shandong Iron & Steel Group Co. will be established today, Laiwu and Jinan Steel's publicly traded units said in filings to the Shanghai Stock Exchange ... 8 million metric tons of steel a year, based on Laiwu and Jinan Steel's 2007 output, according to data from the China Iron and Steel Association in February. (Bloomberg -- Asia)
Chinese to reject Rio's price bid Feb 22, 2008
The official China Daily reports that producers, including Jiangsu Shagang Group, Laiwu Steel and Baotou Steel, had already raised prices on a range of steel products in anticipation that Baoshan Iron and Steel (Baosteel) and Shougang Group would do so possibly as soon as this week. It quoted an unnamed industry source as saying Baosteel had already decided in an internal meeting on Thursday to raise its prices, and that the new price would fully cover its cost increases resulting from the... (Sydney Morning Herald -- Business)
Alibaba reportedly has say in Yahoo takeover talks Feb 18, 2008
4 percent of Laiwu Steel Co. , last year accepted a smaller stake and higher price to improve its chances of winning government approval. Alibaba's four-member board currently includes one Yahoo representative, Chief Executive Jerry Yang. (International Herald Tribune)
Chinas Steelmakers Limiting Output, to Save Power Jan 30, 2008
Other producers (EAF operators and some BOF shops, as well) are cutting output, too, including Nanjing and Shagang, in Jiangsu; Laiwu in Shandong; Guangzhou in Guangdong; and Lianyuan and Xiangtan, in Hunan, among others. Shagang is China's largest electric steelmaker, and like most of the others its idling is listed as indefinite. (33Metalproducing)
China A-shares tumble after reserve hike; key index closes below 5,200 -UPDATE Jan 17, 2008
Laiwu Steel Co Ltd (SHA 600102) lost 3. 86 pct to 22. (Forbes -- Markets)
China Oriental agrees to takeover Dec 14, 2007
Mittal is also still waiting for approval for his 2006 accord to buy a 38% stake in state-owned Laiwu Steel Corp after the Chinese government last year tightened scrutiny of acquisitions by overseas companies. Laiwu trades in Shanghai. (The Star Online, Malaysia -- Business)
Arcelor Mittal pens Chinese deal Dec 14, 2007
Arcelor Mittal also announced on Thursday that China's Laiwu Steel had decided not to extend an agreement to sell 38. 41% of the Chinese steel company to it. (BBC News -- Asia-Pacific)
ArcelorMittal Bids for Control of Chinese Steelmaker Dec 10, 2007
It has had an application pending since early 2006 for a minority ownership stake of Laiwu Steel a carbon steel flat- and long-products producer. Like several of its European and Asian rivals, ArcelorMittal also has various joint-venture holdings in the country, with domestic producers. (33Metalproducing)
ArcelorMittal to Bid for China Oriental Dec 7, 2007
However, its bid to buy a 38 percent stake in state-owned mid-sized steelmaker Laiwu Steel Corp. stalled after Chinese regulators demanded a higher price to let the deal go through. Approval for the China Oriental takeover would depend on how much Beijing wanted to be seen as interfering with a private company, said Hubert Tang, a Shanghai-based analyst with UBS.. (Atlanta Journal-Constitution -- Business)
Rio Tinto: BHP creation of iron ore trading exchange meets with disapproval from the Far East Nov 27, 2007
An executive at Laiwu Steel Group, a Chinese Shandong-based steel company that has a stake sale agreement with ArcelorMittal, revealed that BHP has arranged a meeting with Laiwu tomorrow. . (FT.com -- Markets)
Investor Battle Gives Mittal Opening In China Nov 22, 2007
It has attempted to become the largest shareholder in concert with the local Shangdong government in another state-controlled steelmaker, Laiwu Steel Corp. Beijing has delayed its decision on whether to approve that transaction. The first stage in Mittal s play for China Oriental came in October when Chen sold him her entire 28% stake in China Oriental for $674 million. (Forbes -- Markets)
Movers: Companies in the news Nov 8, 2007
" Swiss Life shares fell 13.5 francs, or 4.1 percent, to 312.5 francs in Zurich. Shares of Generali declined 27 cents, or 0.8 percent, to 31.83 in Milan. Today in Marketplace by Bloomberg Generali's performance and its governance, which splits management responsibilities between two chief executives, were criticized by Algebris in an open letter last month. The hedge fund, which owns 0.3 percent of Generali, invited other investors to join in demanding change. ArcelorMittal to take slice of... (International Herald Tribune -- Business Asia)
Wheels turn againChina's thirst for steel puts Americans back to work in Minnesota Oct 24, 2007
Not long after the mine closure, the receivers got a phone call from agents in Hong Kong representing a Chinese company called Laiwu Steel which was looking for new investments. They had never heard of Laiwu before, but they contacted their congressman in Washington DC, Jim Oberstar - who was then straight on the phone to his friend, the Chinese ambassador. (BBC News -- Americas)
The market could force consolidation in China's booming steel sector Oct 24, 2007
If the government succeeds in controlling capacity, steel makers will still do well in 2008, said Jiang Kaiwen, chairman of Laiwu Steel Group, the ninth-largest producer. Laiwu's output will grow 1 percent to 11 million tons this year. (International Herald Tribune -- Business)
* Protectionism heard at congress Oct 22, 2007
Jiang Kaiwen (}), chairman of Laiwu Steel Group (K), said his firm had sought a foreign partner but was blocked. "The government is tightening foreign investment in polluting industries; it needs to be environmentally friendly, and so forth," Jiang said. (Taipei Times, Taiwan -- World)
ArcelorMittal buys major stake in Chinese steel wire business Oct 15, 2007
Meanwhile, the company's bid for mid-sized steelmaker Laiwu Steel Corp., also based in Shandong, has stalled, with Chinese regulators demanding a higher price to let the deal go through, a Laiwu spokesman said in March. Arcelor SA agreed more than a year ago to buy a 38 percent stake in the Laiwu Steel, for 2 billion yuan (US$258 million; euro196 million) ... Parent company Laiwu Steel Group would have a matching stake of 38 percent, with most of the remainder to be sold by initial public... (The Star Online, Malaysia -- News)
National security checks for foreign investments get tougher under new Chinese law Aug 31, 2007
Chinese regulators also have held up a bid by European steelmaker ArcelorMittal to buy a mid-size Chinese competitor, Laiwu Steel. A Laiwu spokesman said in March that Chinese officials wanted more money and unspecified conditions to protect China's domestic steel industry. (San Diego Union-Tribune -- Business)
* Business Briefs Aug 14, 2007
Arcelor Mittal, the world's biggest steelmaker, said talks are continuing with the Chinese government over its purchase of a stake in Laiwu Steel Corp (K). The China Securities Journal said yesterday that Arcelor Mittal may cut the size of the stake it will buy in Laiwu by 0. (Taipei Times, Taiwan -- Business)
China's Steel Subsidies Total $52 Billion, Report Finds Jul 31, 2007
The study incorporates data on many, but not all of China's largest steelmaking groups, including Angang, Baosteel, Laiwu, Maanshan, Shougang, and Wuhan. The full scope of the subsidy is greater than $52 billion, according to the report, because the number of groups studied was limited. (33Metalproducing)
Japan's Nippon Steel, ArcelorMittal sign agreement on alliance, joint ventures Jul 13, 2007
He said his company holds the lone steel partnership with a Chinese producer, but its two-year effort to buy China's Laiwu Steel has to date been blocked. Nippon Steel is also considering expanding joint ventures with ArcelorMittal in China in addition to expanding their North American ventures, a company spokesman told Dow Jones Newswires Friday, but he declined to give further details. (International Herald Tribune -- Sports)
Laiwu Steel: New regulatory policy clears obstacles to renewing stake sale to Arcelor Mittal, source says Jul 13, 2007
The state assets regulators new policy has cleared obstacles for Shandong-based Laiwu Steel to renew its stake sale deal with Arcelor Mittal, said a Laiwu source ... We are studying the new regulation these days and have not started to talk with Arcelor on the deal revision, said the Laiwu source, adding that they need to completely understand the key rules of the new policy before they can start to renew the stake sale deal with Luxemburg-based Arcelor Mittal ... Previous reports on this... (FT.com -- Markets)
China tightening control over foreign takeovers Jun 25, 2007
Chinese regulators also have held up a bid by European steel maker Arcelor-Mittal to buy a mid-size Chinese competitor, Laiwu Steel. A Laiwu spokesman said in March that Chinese officials wanted more money and unspecified conditions to protect China's domestic steel industry. (Globe and Mail -- Business)
Region 15 Board Okays Funds for Visit From Chinese School Jun 20, 2007
Assistant Superintendent Dr. Lois Lanning with Dr. Yolande Bosman, director of world languages, traveled to China last April on a grant from the state Department of Education and signed a protocol of friendship with Laiwu No. 1 High School. "It is time," Dr. Lanning told the board, "to reciprocate the courtesy and welcome we received from our hosts there.". (Voices, CT)
China steel sector growing by 'an Arcelor a year' - Arcelor Mittal Mar 27, 2007
41 pct stake in Laiwu Steel for 2 ... If the deal goes through, Laiwu Steel Group and Arcelor will become the largest shareholders of Laiwu Steel Co Ltd, with each holding a 38. (Forbes)
Chinese index sets a third straight record high Mar 24, 2007
Laiwu Steel Corp, in which Arcelor Mittal is seeking a stake, fell 0. 47 yuan, or 3. (Xinhuanet, China)
* Carlyle to buy minority stake in Xugong Mar 20, 2007
Chinese regulators have also held up a bid by European steelmakers Arcelor SA and Mittal Steel Co NV to buy a mid-size Chinese competitor, Laiwu Steel ... A spokesman for Laiwu Steel said last week that Chinese officials want more money and other unspecified conditions "for the sake of protecting China's domestic steel industry." This story has been viewed 95 times. (Taipei Times, Taiwan -- World)
* World Business Quick Take Mar 14, 2007
Steel China rejects Mittal bid China has rejected a bid by Arcelor Mittal, the world's largest steel maker, for a stake in Laiwu Steel Corp (K), state media said yesterday even as the Chinese company denied the report ... However, an executive at Laiwu Steel told reporters no decision had been made yet on the deal with Luxembourg-based Arcelor Mittal ... 3-percent stake in Laiwu Steel for US$258 million. (Taipei Times, Taiwan -- World)
Briefly: Lone Star deal found improper Mar 12, 2007
The Chinese government vetoed Arcelor Mittal's 2 billion yuan, or $258 million, bid for Laiwu Steel in a preliminary decision, the China Business Journal said. The National Development and Reform Commission regarded Laiwu Steel as "undervalued" and wants Arcelor Mittal to bring core technology to Laiwu Steel, rather than capital investment. (International Herald Tribune -- Business Asia)
Chinese lawmakers are likely to approve bills on corporate taxes and property rights at their annual plenary session next week Mar 1, 2007
Reflecting that mistrust, the proposed $269 million purchase of part of Laiwu Steel by Arcelor Mittal, the world's biggest steel maker, has been delayed for a year. A bid by the U.S. investment firm Carlyle to buy into Xugong Group Construction Machinery, China's top machinery maker, has been stalled for even longer. (International Herald Tribune -- Business)
China stalls major foreign buyouts Feb 14, 2007
One stalled deal is the proposed $269 million purchase of part of Laiwu Steel by Arcelor Mittal, the world's biggest steel maker ... Last month Laiwu extended the deadline for completing the deal to June 30, and added that it might be extended again to Sept. 30, suggesting it believes a government decision could take many more months ... "Nearly a year has passed and we were asked to wait," a Laiwu executive said. (International Herald Tribune -- Business)
Shougang to shuffle assets in listing move Feb 13, 2007
4 percent stake in Laiwu Iron & Steel Co Ltd listed in Shanghai. Crude steel production in China hit a record high of 418. (Xinhuanet, China)
China Claims Partial Win for Industry Pollution Curbs Feb 1, 2007
Datang International Power Generation Co. had stopped operating power plants in Hebei and Laiwu Iron and Steel Group had stopped construction on a cold rolling plant in Shandong, SEPA said on its Web site (www. sepa. (Planet Ark, United States)
Asia: Shares reach 8-month high Jan 25, 2007
Steel makers climbed after Posco in South Korea said that it would raise the price of its stainless steel products and Laiwu Steel in China said that 2006 profit probably doubled. Stuart Kelly reported from Sydney. (International Herald Tribune -- Business Asia)
Asian Stocks Rise to Eight-Month High; Mitsubishi, BHP Gain on Oil, Copper Jan 24, 2007
Steelmakers advanced after South Korea's Posco said it will raise the price of its stainless-steel products and China's Laiwu Steel Corp. said 2006 profit probably doubled ... Laiwu Steel, a steelmaker in China's eastern Shandong province, today reported 2005 net income of 415. (Bloomberg -- Asia)
Illuminated decorations to mark coming Lunar New Year Jan 23, 2007
UPDATED: 09:43, January 23, 2007. The Lunar New Year's Day falls on February 18 this year. (People's Daily Online, China)
Shanghai benchmark stock index tops 2,900 for 1st time Jan 22, 2007
Laiwu Steel Corp., meanwhile, rose up to 4 percent Monday on news that its parent and world leader Arcelor Mittal Steel have agreed to extend a deadline for the global giant to take a stake in the mid-sized Chinese mill. More News. (The Star Online, Malaysia)
China talks tough to industrial polluters Jan 12, 2007
The four hit are Tangshan in the northern Hebei province, Luliang in the coal-rich Shanxi province, Liupanshui in the impoverished southern Guizhou and Laiwu in the northern Shandong province. The agency accused the cities of causing serious pollution and said that they had approved projects that violated environmental laws. (TimesOnline)
Major pollution spill 'every other day' in China Jan 11, 2007
The four cities to be punished are Tangshan in Hebei province, Luliang in Shanxi province, Liupanshui in Guizhou province and Laiwu in Shandong province. "The cities do not have the environmental capacity to handle more pollutants," Mr Pan said. (Guardian Unlimited -- World)
China Misses Energy Saving Goal, but Cracks Down Jan 11, 2007
It covered plants opened by Laiwu Iron and Steel Group, China's eighth-biggest steelmaker, and rapidly-expanding Baotou Iron and Steel Group, the twelfth. The statement also singled out steel projects clustered in the city of Tangshan, which it said accounted for one-tenth of the country's output of the metal. (Planet Ark, United States)
Baosteel plans acquisitions to fend off foreign takeovers Jan 10, 2007
It is also awaiting Chinese government approval to buy a 38 percent stake of Laiwu Steel and has held talks to buy as much as 49 percent of Baotou Iron Group ... Some Chinese officials oppose Arcelor Mittal's bid to buy Laiwu, Zhang Shengsheng, vice general manager at Laiwu Steel, said Oct. 2. (International Herald Tribune -- Business Asia)
Briefly: DLF gives details on share offering Jan 4, 2007
to extend an agreement to sell 38 percent of its publicly traded unit, Laiwu Steel, to the world's largest steel maker. Laiwu Steel Group has yet to receive regulatory approval for the sale to Arcelor Mittal, the group said in a statement to the Shanghai Stock Exchange ... Some Chinese officials oppose the sale, Zhang Shengsheng, vice general manager at Laiwu Steel, said in October. (International Herald Tribune -- Business Asia)
