China's CITIC buys controlling stake in Nanjing Iron & Steel for nearly $2b

China's CITIC buys controlling stake in Nanjing Iron & Steel for nearly $2b

REUTERS/Kim Kyung-Hoon/Files

State-owned Chinese conglomerate CITIC Limited said on Sunday it will buy a 55% stake in Nanjing Iron & Steel Group, one of the country’s top specialty steel producers, beating out top private steelmaker Jiangsu Shagang Group.