History of Fangda Steel
Pingxiang Iron and Steel merged with Jiujiang Steel to form Fangda Steel. Fangda Steel produced almost 16 million tonnes of crude steel in 2018, making it the 24th largest steelmaker in the world.
The timeline below covers the history of the firm.
- 1954: Pingxiang Iron & Steel Industrial Co Ltd founded in 1954.
- 1994: Jiangxi Jiujiang Steel Plant Co Ltd was founded in 1994.
- 2009: Fangda Group buys into Nanchang Iron and Steel.
- 2010: Fangda Special Steel acquires seven ore mines in two months.
- 2012: Fangda Special Steel invests $28M in South African Mines.
- 2013: Fangda Special Steel increases stake in Tongda Iron Concentrator.
- 2014: Fangda Special Steel halts share trading amid graft probe.
- 2018: Pays US$5000 cash bonus to each of its 5000 employees.
- 2018: Abandons acquisition of Xining Special Steel Group.
- 2019: Blast furnace explosion kills and injures several employees.
- 2020: Chairman quits five months after taking office.
- 2009: China Fangda Group Co Ltd signed an agreement with Jiangxi Metallurgical Group to buy a 57.97% equity interest in Nanchang Iron and Steel Co Ltd.
- 2010: Fangda Special Steel Technology Co Ltd (formerly known as Nanchang Changli Iron & Steel Co Ltd) acquired stakes in five iron ore companies in Jiangxi province in February; followed later that year by the purchase of two ore mining companies in Benxi province.
- 2013: The Jiangxi Province based steelmaker Fangda Special Steel announced the purchase a 30 percent stake in Liaoning Province based iron ore company Tongda Iron Concentrator Co at a cost of RMB 368 million (USD 59.9 million) from Liaoning-based Senon Renewable Energy Co.
- 2014: Fang Wei (Chairman of the Board of Liaoning-based Fangda Group), who apparently made a fortune through recycling scrap metal in the 1990s, was dismissed from his post as deputy to the 12th Standing Committee of the National People's Congress in June. Some days earlier, Fang's alleged mentor Su Rong was removed from his post as Vice Chairman of China's top political advisory body for a suspected breach of discipline.
- 2018: Acquisition of the state-owned Xining Special Steel Group failed because agreement could not be reached with target company's stakeholders.
- 2019: The gas pipe explosion at blast furnace #2 plant took place on 29th May and killed six employees on ejection of a large volume of high-temperature coke.
- 2020: Unexpected resignation of Chairman Wang Chunlei is understood to have taken place because of Fangda's very poor recent safety record.
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