Baowu Steel takes 51% of Simandou (Blocks 1&2) and 21% of the infrastructure ; Thiam & Associés and Hogan Lovells advise deal
Africa Business+ has learned the details of the ongoing transaction between Winning Consortium Simandou (WCS) and China’s largest steel manufacturer, formerly known as Baosteel, and the world’s largest producer of the commodity, ahead of Arcelor-Mittal.
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▪ Baowu Steel takes 51% of Simandou (Blocks 1&2) and 21% of the infrastructure ; Thiam & Associés and Hogan Lovells advise deal
▪ Africa Business+ has learned the details of the ongoing transaction between Winning Consortium Simandou (WCS) and China’s largest steel manufacturer, formerly known as Baosteel, and the world’s largest producer of the commodity, ahead of Arcelor-Mittal.
As much as the coupling of Fadi Wazni‘s UMS with Winning Shipping International and the world’s number one aluminium producer, China’s Shandong Weiqiao, made sense for the development of the bauxite of the Société minière de Boké (SMB), it was also necessary to bring in a leading player in the steel industry for the development of the world-class Simandou iron mine. This has been achieved with the arrival of China Baowu Steel Group as a new partner of WCS.
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