Ferrochina   

Ferrochina

May 07, 2007

FerroChina to take control of associates in SGD 568 million deal

FerroChina announced that it wanted to take full control of its associates Superb Team and Changshu Changgang Steel Plate. It has agreed to buy the remaining shares in its associates that it doesn't already own for SGD 568 million. The deal still needs regulatory and shareholder approval.

As per report, the merged entity will have a market capitalization of SGD 1.3 billion and combined sales of more than SGD 1.6 billion.

FerroChina in a statement said that it was aiming to become the world's largest galvanized steel processor by achieving a production capacity of 5 million tonnes of galvanized steel.

 

LIVERMORE... NEED YOUR SHOUT......

 

Did anyone take my advice ....looks like $2.20 is within reach now

 

Those who is interested in this stock...today is a good time n good price to enter again....catch this before this zoom all e way up

 

Hi Livermore, I agree....n I use to enter to buy when it just made a new high. but this time....  may be l m wrong....btw congrats those stayed vested.

 

Roaring up again............... $2.20.....here I come...........

 

 There is something  learnt from reading about Jesse Livermore. Wheh a stock makes a new high, it usually means it is headed higher. Unfortunately some think it is time to sell.

 

Still a good buy now, congrats on those vested....this will cheong all e way to $2.20...then $2.50

 

RIGHT RAYPHUA, TARGET IS STILL LONG WAY OFF, wait for the fund to start moving in , for sure they will, easy at $3.00

 

LOUDER.................LIVERMORE...

 

Not time to sell yet. More upside.

Good luck.

 

 

Cheers to all those vested....

 

 

It has reached "The Great Wall Of China" and now walking on the wall towards the high mountains!

Ferrooooooooooooooooooo CHINA !!!!!!!!!!!!!

 

$2.20 is coming now.....cheong ahhhhhhhhhhhhhhh

 

Payment will be by way of 339.8m new shares at $1.67 apiece. About 70% of these shares will come under a moratorium of between 6 and 12 months.

 

FerroChina to spend $375 mln to buy associates
Fri Apr 27, 2007 6:26 AM ET



 

SINGAPORE, April 27 (Reuters) - FerroChina, which makes heavy galvanised steel coils, said on Friday it would buy its associates in a S$568 million ($375 million) deal in a bid to become the world's largest galvanised steel processor.

The new merged group would have a stock market value of about S$1.3 billion and combined sales of more than S$1.6 billion, FerroChina Ltd. <FERR.SI> said in a statement on Friday.

China-based FerroChina -- which is worth US$485 million on the stock market -- said it has entered into a conditional sale and purchase agreement with investment holding firm China GalvaTech Holdings to buy the remaining 64.55 percent stake in another holding firm, Superb Team, that it does not already own.

Superb Team owns Chinese galvanised steel coil makers Changshu Everbright Material Technology Co. Ltd. and Changshu Changgang Steel Plate Co. Ltd.

"Our target is to become the world's largest galvanised steel processor by achieving a production capacity of 5 million tonnes of galvanised steel," Chief Executive Officer She Chun Tai said in the statement.

"We will acquire inefficient galvanised steel processors in China at below replacement cost with payback in three years."

FerroChina said the acquisition would contribute positively to the combined group's profit margin, but is still subject to regulatory and shareholder approval.

 

Any price below $2 is still a good buy  

 

Major Chinese steel firms quadruple profits in Q1

Last Updated(Beijing Time):2007-04-30 14:21

Ninety-nine large and medium-sized steel plants in China reported a year-on-year 282 percent rise in net profits in the first quarter of this year, according to the China Iron and Steel Association. Luo Bingsheng, deputy chief of the association, said combined profits of these steel plants jumped to 34.5 billion yuan (4.5 billion U.S. dollars) in the first three months, boosted by the steel price increases. The composite price index of steel products stood at 109.8 by end-March, 4.42 percent higher than the beginning of this year, he said. The 99 steel enterprises posted an industrial output value of 390.8 billion yuan, up 37.99 percent, and their sales shot up 39.34 percent to 431.6 billion yuan. Net income of the nation's major steel plant Angang Steel Co., rose 111.7 percent to 2.39 billion yuan in the first quarter, the company said on Sunday. Meanwhile, the Baoshan Iron and Steel Co., Ltd., China's biggest steel producer, said last week its first quarter net income jumped 156.38 percent to 3.68 billion yuan. China produced 114.7 million tons of crude steel in January-March period, up 22.34 percent year on year, according to Luo. He said China's double-digit economic growth has been fuelling steel consumption in its road and factory construction. China consumed 102.6 million tons of crude steel in the first quarter of this year, 12.51 percent more than last year's same period.

 

should have buy more yesterday... hope wednesday still within range

 

I agree...totally no hurry to sell this stock...shld break $2 easily on Weds...$2.50 is certainly within sight!