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Yangzhou XinMing Metal Processing Co.,Ltd was established in 2001,owning more than 150 staff,and covering an area of nearly 20,000 sqaure meters.It is the new dveloping enterprises of the manufac-turing of domestic metallurgical equipment. In 2005.

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Du Shuanghua realized the withdrawal of Shansteel's "one-time buyout" steel

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After many twists and turns, Du Shuanghua, the chairman of Nippon Steel, finally chose to “return completely” in the reorganization of Shandong Iron and Steel. The reporter recently confirmed from the Japanese Steel Executives that Du Shuanghua is ready to withdraw from the restructuring of Shandong Iron and Steel. The restructuring of Shandong Iron and Steel and Rizhao Steel was changed from the original restructuring cooperation to Shandong Steel's “one-time buyout” of Nippon Steel Assets. This also means that the steps of restructuring and cooperation are eliminated, and Nippon Steel will be transferred to Shansteel at one time, and the Du Shuanghua team will be withdrawn and will not participate in any business.
According to the above-mentioned “one-time buyout”, the assets restructuring agreement between Rizhao Steel, Rizhao Steel and Rizhao Steel Rolling and Sangang, which were jointly owned by Open Source Holdings on August 30, appeared. According to the announcement at the time, according to the second restructuring agreement, the two parties agreed to continue to reorganize in accordance with the basic framework of the first restructuring agreement signed by both parties. Shangang Group will complete the acquisition and reorganization of Rizhao Steel by November 30, and at the same time specifically indicate that “reorganization will be completed in the form of one-off acquisition of assets held by Nippon Steel”.
According to the above-mentioned high-level reporters, the current assessment of Rizhao Steel’s assets is still not over. It was originally planned to produce results before the end of this year, but now it seems that the specific time is not certain. According to the reporter's previous understanding, according to the audit report of Ernst & Young Hua Ming Certified Public Accountants and other institutions at the beginning of this year, Nippon Steel's assets were 24.2 billion yuan. If a one-time acquisition of 67% of Nippon Steel's assets, Shansteel Group's cash contribution will reach 16.2 billion yuan. According to the previous quote from Du Shuanghua, the chairman of Nippon Steel, the cash contribution will reach nearly 18.8 billion yuan.
“The original restructuring plan became difficult to operate in the process of advancing.” The above-mentioned high-level officials told reporters about the important reasons for this “change”. He said that this "the most tortuous case of domestic corporate mergers and acquisitions" can be described as twists and turns. A year ago, Shangang and Japan Steel signed the first restructuring agreement, and Shangang will establish Shandong Iron and Steel Group Rizhao Co., Ltd. The two parties “restructuring assets in a way that increases capital to them jointly”, Shangang is funded by cash, accounting for 67% of the shares; the assets of Nippon Steel will be invested in the assessed net assets, accounting for 33% of the shares. Du Shuanghua received only 33% of the shares and the position of vice chairman.
Another additional important condition at that time was: “Shan Steel and Nippon Steel agreed that during the transition period from the completion of the reorganization to the first phase of the Rizhao Steel Quality Base, Du Shuanghua will lease Nippon Steel to continue “self-operating”.”
"This 'expediency plan' is now an obstacle," said the source. He admits that after the reorganization of the original plan, in the three years that Nippon Steel will continue to operate, it will pay a rental fee of three to four billion yuan per year. In addition, state-owned assets must be preserved and value-added. Nippon Steel has to bear huge amounts of interest on funds, depreciation, etc., and business operations cannot afford it.
A person who once worked as a factory manager in the early days of Du Shuanghua’s entrepreneurship admitted to the reporter that the pressure of post-operation and the pressure and restraint from the government level made Du Shuanghua, a steel manufacturer, give up being a “renter” and chose to People's eyes disappeared. "Because he is a very smart businessman." The above people laughed.
The reporter confirmed the above news from the local government officials of Rizhao. The official said that after the evaluation is completed, Rizhao Steel will be fully acquired by Shandong Iron and Steel Group, retaining 5 million tons of steel production capacity, including production lines such as plates and profiles, and will be included in the Rizhao Fine Steel Base of Shandong Iron and Steel Group, which is under construction.
“At present, Rizhao Steel's production capacity has reached 13.5 million tons, and the remaining capacity will be phased out in the next three years,” said the official. However, Shandong Iron and Steel Group has not yet made plans for the outside world, and is still actively promoting the construction of Rizhao Fine Steel Base of Shandong Iron and Steel Group.
An analyst who did not want to be named said frankly, whether Shangang’s long-term restructuring of Nippon Steel could be achieved by the end of the year depends on the game between Shangang and Japan Steel at the negotiating table. For the time being, how Japanese Steel will be valued will become the focus of the later game.
According to the data, Nippon Steel was officially put into operation on September 28, 2003. In 2007, the output of Nippon Steel reached 7.75 million tons, a six-fold increase, and the sales revenue was 28.6 billion yuan, more than 9 times that of 2004. Du Shuanghua has been on the throne of the second richest man on the 2008 Hurun Report, with a net worth of 35 billion.