Chinese steel maker Hebei Iron & Steel Group (HBIS) is negotiating with Baosteel Group to buy its 50% stake in Hansteel Hanbao Iron and Steel, Xinhua China Metals said on Monday.
Hansteel Hanbao Iron is a 50/50 joint venture between Baosteel and Handan Iron & Steel Co Ltd (Hansteel), established in 2007.
Baosteel is likely to withdraw from the joint venture as its partner Hansteel is now integrated into HBIS, the latter's vice chairman Liu Rujun said.
Source: Xinhua
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