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Prominent steel trading group
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zhuge_liang
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28-Apr-2008 23:10
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The market debutant expects to emerge as one of Asia's - and possibly the world's - most prominent steel trading groups in short order. The company said it was already riding on the strong growth in global trading of semi-finished and finished steel products. Novo counts steel industry 'big boys' such as Arcelor Mittal, Cosipa Group, Reliance Steel and Tianjin Iron & Steel Co amongst its clients. Dicky Yu, Novo's executive chairman likens his company to a 'mini-Noble Group' in the making. Noble is a successful global commodities trader. Mr Yu noted that steel is the world's 2nd largest traded commodity and that Novo is at the heart of the steel business. After initial delays amid jittery market conditions, Novo managed to place out all its 146m new ordinary shares, including 4.4m shares to UOBKH as settlement of placement commission, at a price of $0.20 per share. |
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