Billionaire Behind Big Nickel Short Plans to Sell Steel Assets
- Chinese tycoon’s firm to sell stakes in some Indonesia plants
- Tsingshan in discussions with China’s state-owned Baowu
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Tsingshan Holding Group Co., the nickel giant owned by billionaire Xiang Guangda, is in advanced talks to sell some of its stainless-steel assets in Indonesia to China Baowu Steel Group Corp. as part of a strategic review, according to people familiar with the negotiations.
State-controlled Baowu, the world’s biggest crude steel producer, is likely to acquire controlling stakes in some integrated production lines owned by Tsingshan at Indonesia Morowali Industrial Park in Central Sulawesi province, the people said, asking not to be identified discussing confidential information.