Ashurst represents Chinese steelmaker Shagang in the £800 million financing for the acquisition of Global Switch

Shagang is China's largest privately owned steelmaker and one of the Fortune Global 500 of the world’s largest companies. It possesses total assets of RMB229.8 billion and it produced 31.8 million tons of iron, 40.7 million tons of steel and 39.5 million tons of rolled products in 2018. 

Being a well-established enterprise in the steel manufacturing industry, Shagang has committed to a business diversification to data and information technology since 2017 to heighten its corporate competitiveness in the age of "big data", steer its business direction to meet the market demands for information and optimise the synergy between the traditional industry of steel manufacturing and the new industry of information technology.

Lead partner Daniel Lau comments: "We are delighted to assist Shagang in the financing for the acquisition of Global Switch, which is a significant step forward in their transformation to developing its market in Europe and Asia Pacific in an increasingly data driven economy. "

The Ashurst team was led by Daniel Lau, assisted by partner Frank Bi, associates Mavis Lau and Roger Dong, and trainee solicitor Donald Mak.