October 19 -- Xining Special Steel (600117) said it will fully acquire Qinghai Zhengwei Industry Group for 47.77 million yuan in order to complete its industrial chain, reports yicai.com, citing a company filing. 

Through the end of July, Zhengwei Group had total assets of 188.16 million yuan and liabilities of 131.36 million yuan. It recorded revenue of 543.61 million yuan and a loss of 20.88 million yuan during the first seven months.

Xining Special Steel had been cooperating with Zhengwei Group since 2004. The latter provides refractory materials and industrial waste for the listed company’s steel production.

Source:capitalvue