Caixin September 20 news, the world's largest steel enterprise China Baowu and China's head of private steel enterprises Qingshan Holdings nickel trade recently pressed the pause button. It is understood that since the next year of 2022, the nickel industry and the steel industry have entered a downward cycle, coupled with the change of chairman of China Baowu, Baowu is more cautious about trading, and multiple factors have led to the suspension of this plan.
However, China Baowu has recently appointed independent directors to Indonesia for further investigation, indicating that the transaction is still in progress and has not been completely suspended. Some analysts believe that Aoyama's sale of the above assets is intended to transform from the production of stainless steel nickel-iron business to expand into new energy fields such as battery nickel. It is reported that in April 2022, Qingshan Holdings has negotiated a deal with China Baowu Iron and Steel Group, the former intends to sell to the latter a controlling stake in eight nickeliron production lines and supporting power plants, stainless steel and other projects located in Indonesia's IMIP industrial Park in Molovali, with a valuation of more than $4 billion and a transaction consideration of $2 billion to $3 billion.
