21st Century Business Herald reported that China Shipping Co has jointly invested with Baosteel, SDIC and etc six companies to set up Yantai Port Corporation. And the total registered capitals came at CNY 0.3366 billion with China Shipping and Baosteel Group holding 10% and 20% shares respectively.

This is the second time for Baosteel to take part in port expansion,
with the broadened shares. Before this, the company has co invested
with China Shipping to set up Haibao Shipping Company in Hong Kong in
December 2009.

Mr Song Jijun Vice-chairman of Hebei Metallurgical Association viewed
that it was just one of Baosteel’s market strategies with a deeper
purpose to cover the whole North China.

Insiders revealed that Yantai Port Group takes 67.56% shares, first
largest shareholder. Earlier in Jul 2008, Baosteel spend CNY 0.32
billion buying 8% shares of Zhanjiang Port, becoming the third
shareowner.

Mr Jia Liangqun Chief analyst of Mysteel a famous steel website in
China believed that Baosteel may gain more profits as a huge demand for
steel products in Shandong province. While, Mr Song thought that
Baosteel is also preparing for the entry into North China markets, with
a bid to build a 100 million tonnes per year steel enterprise in the
future.

Source: Mysteel.net

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