hebei cashed up

Announcement just out

News Thursday, 18 Dec, 2008

Hebei Steel Group gets CNY 2 billion loans from SPDB
Hebei Daily reported that Shanghai Pudong Development Bank's Shijiazhuang branch has lately offered CNY 2 billion loans for Hebei Iron & Steel Group as well as its three subsidiaries-Tangshan Steel, Handan Steel and Chengde Xinxin Vanadium & Titanium,

Hebei Iron & Steel Group was established in this June as a regrouping of 10 companies like Tangshan Steel, Handan Steel, Xuanhua Steel, Chengde Xinxin Vanadium & Titanium, Wuyang Steel and Hengshui Thin Steel Plate Co, etc, with total steel production capacity hitting 31 million tonne per year, the highest in China in output. Total assets and sales revenue both break CNY 170 billion. So far, the steel group has primarily formed product mix comprised by prime flats, vanadium & titanium and quality construction steel.

SPDB's Shijiazhuang branch started operation on October 30 and has gotten approval from its parent to grant loans. It's learned that the branch is slated to expand its supportiveness to local energy, transport, power, telecom and environmental projects, with a batch of loans expected to be released soon.

Maybe they will make a takeover now!