Further to the joint establishment of a dry bulk shipping company, Baosteel Group and China Shipping Company announced November 20 that they would take part in the shareholding reform of Yantai Port Group.
According to the Group's reforming plan, it will set up Yantai Port Company Limited, and inject current operating assets into the new company. Baosteel Group and China Shipping will also take a stake in the new company through an all-cash investment.
Yantai port's cargo throughput topped 100 million tons (Mt) in 2007, and will reach 105 Mt by 2010 and 215 Mt by 2020. |
