History Jiangxi Fangda Iron & Steel Group Co.

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History of Fangda Steel


Pingxiang Iron and Steel merged with Jiujiang Steel to form Fangda Steel. Fangda Steel produced almost 20 million tonnes of crude steel in 2021, making it the 16th 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.
  • 2020: Abandons planned acquisition of Shente Group steel companies.
  • 2021: Makes strategic equity investment in China's HNA Group.
  • 2022: Initiates takeover of China's Anyang Iron & Steel Group.
  • 2022: Anyang Steel suspends transfer of 80% equity to Fangda mid-year.

Notes
  • 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.
  • 2012: Investment was to acquire equity stake in the South Africa based mining exploration company Boboko Investment; and to acquire Boboko's exploration rights for the Mokopane Iron Mine and Phalaborwa Copper Mine.
  • 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: Jiangxi Province-based Chinese steelmaker Fangda Special Steel Technology Co., Ltd (Fangda Special Steel) announced on July 30 that it had decided to abandon the acquisition of five Jiangsu Province-based steel enterprises belonging to the Shente Steel Group. This was in large part because of their adverse debt position.
  • 2021: The HNA Group Co Ltd is a Chinese conglomerate headquartered in Haikou, Hainan, China. HNA has a presence in the aviation sector and in airport operations, as well as in real estate and financial services. The firm was founded in the year 2000. It is understood that debt restructuring efforts took place in 2021 when the group got into financial difficulties; Fangda equity investment at end-2021 was one aspect of the HNA Group restructuring.
  • 2022: The Anyang Group is the top steelmaker in China's Henan province. The group has ~10 million tpy capacity for long and flat products as well as annual sales revenue of over RMB 500 billion yuan.
  • 2022: Chinese steelmaker Anyang Iron and Steel Co (Anyang Steel) announced on 2nd June that the transfer of 80 percent of its equity to the Fangda Steel Group has been suspended, because of a disagremeent over the terms of the transaction.


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