Baosteel may seek deals with European stainless makers

Baosteel Group may be considering acquisitions or technology-sharing agreements with two European stainless steel firms, the South China Morning Post reported, citing a report in 21st Century Business Herald. The company is said to have a budget of between US$6.77 billion and US$13.54 billion for the deals, potentially with Spanish stainless producer Acerinox, valued at US$4.33 billion or Finland’s Outokumpu, valued at US$3.11 billion. An acquisition or technology-sharing agreement could help Baosteel to produce more expensive products. A Baosteel spokesman said she was "unaware" of news reports about such a deal.