Hebei Iron and steel entrusted management Xuan Steel Wugang Equity
KeywordsEquity steel Xuan Steel
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Hebei Iron and Steel (000709) Bulletin said, the company is to accept the holding shareholder Tangshan Iron and Steel Group Limited liability company entrusted to manage its holding of Xuanhua Iron and Steel Group Limited liability company 100% stake, and accept the second largest shareholder Handan Iron and Steel Group Limited liability company commissioned, Management of its holdings of Wuyang Steel Limited liability company 53.12% Equity. The company completed the beginning of this year to replace the absorption of Handan iron and steel and Chengde vanadium titanium. The company's indirect holding shareholder Hebei Iron and Steel Group to resolve the competition with the company, has committed to the merger and consolidation of the completion of the date within one year, will be Xuan Steel Group of high-quality Iron and steel business assets and Wuyang iron and steel Equity injection company; Within three years from the date of completion of the merger, Handan Iron and Steel Group Co., Ltd. Han Bao shares and Tangshan Stainless Steel limited Liability company Equity Injection company. At present, Hebei Iron and Steel Group is to arrange its subordinate enterprises Tang Steel Group, Handan Iron Group, respectively entrusted to the management of their own holdings of the Xuan Steel group 100% Equity and Wuyang Steel 53.12%. The Tang Steel Group holds 26.95% of the company's shares, and the Han Group owns 11.99% of the company, all of which are affiliated with the company. The company said that Xuan Steel Group, Wuyang Iron and steel is still in the internal reorganization and improve asset ownership, such as capital injection preparation, is expected to be absorbed in the merger of the company within one year after completion can not be completed. In addition, by the price of iron ore, steel demand fluctuations, such as domestic and foreign adverse factors, the two companies are now generally profitable, such as the immediate injection of the company will be diluted to the interests of the company.
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