Shougang helps reinforce Zhaogang with $73m

Jul 5, 2017 • Thierry Heles

Zhaogang has secured $73m in funding from investors including a Shougang-backed fund, countering reports last year that it was gearing up for an initial public offering.

West Fund, a private equity vehicle for steel producer Shougang, has co-led a RMB500m ($73.5m) funding round for China-based online steel trading platform Zhaogang, China Money Network reported yesterday.

China Renaissance Private Equity Fund co-led the round, which reportedly also featured Russia-China Investment Fund (RCIF), a joint venture of sovereign wealth funds Russian Direct Investment Fund and China Investment Corporation.

Founded in 2012, Zhaogang operates an e-commerce and services platform aimed at the steel industry. The company’s services include steel…

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