Getting 15% stake of Shougang Group, steel aircarft carrier Baowu Group re-expand
On Nov. 8th, Shougang Group (hereinafter referred to as “Shougang Group”) and Baowu Iron & Steel Group (hereinafter referred to as “Baowu Group”) singed “Agreement about trasferring the shareholder of Beijing Shougang company for free”, and the agreement is shougang group intend to transfer the 793,408,440 company’s unrestricted circulating shares (about 15% of the company’s total share capital) to Baowu Group without any payment.
After this transfer of the shares, the total share capital of Shougang will remain unchanged, Shougang Group still holds 3,405,352,231 shares, accounting for 64.38% of the total share capital; while Baowu Group holds 793,408,440 shares, accounting for 15% of the total share capital.
Shougang company belong to Shougang Group. Shougang has many steel mills such as Qian’an company, Shougang Zhixin Qian'an Electromagnetic Materials Co., Ltd., Shougang Jingtang Iron and Steel United Co., Ltd., Beijing Shougang Cold Rolled Sheet Co., Ltd. etc. And all these mills have complete production process with coking, iron making, steel making, steel rolling and heat treatment.