Monday, 30 May 2011
Angang Iron and Steel Group Co Ltd has inked restructuring agreement with three private owned steel enterprises on May 26 in Anyang city, which will further revitalize the steel resources and improve concentration in steel industry in Henan province to strengthen its overall capacities of the steel industry.
1. Fengbao Special Steel Co Ltd
2. Xinpu Steel Co Ltd
3. Yaxin Steel Co Ltd
After restructuring, Angang Group will hold 10% stake in each of the three private owned steel mills whose later development will be integrated into the overall planning of Angang Group.
Mr Wang Ziliang president & GM of Angang Group said “After 50 year development, Angang Group has rapidly grown into a modern steel enterprise with the annual crude steel output capacity surpassing 10 million tonnes, realizing an extraordinary performance of no loss in 32 straight years and achieving net profit of CNY 0.15 billion last year.”
While the three private owned steel mills also formed their unique management model and created good economic returns during the long processes of their development, with their total crude steel capacity arriving at 5 million tonnes and net profit reaching CNY 0.166 billion by the end of last year.
The restructuring this time was approved by State owned Assets Supervision and Administration Commission, adopting the mode of “gradual stock rights integration.
(sourced MySteel)
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