Hebei Iron and steel plan trusteeship and Wuyang Steel shares

NetEase Financial December 17, Hebei Iron and Steel Evening Bulletin said, Hebei Iron and steel to accept the holding shareholder of the Tang Steel group entrusted to manage its holdings of the Xuan Steel group 100% stake, and accept the second largest shareholder of Handan Iron and steel group entrusted to manage its holding of Wuyang 53.12% equity. As at September 30, 2010,　　Xuan Steel Group total assets of 31.314 billion yuan, 2010 1-September to achieve operating income of 17.828 billion yuan, net profit of 193 million yuan; Wuyang iron and steel total assets of 13.022 billion yuan, 2010 1-September to achieve operating income of 9.082 billion yuan, net profit of 110 million yuan. Hebei Iron and Steel said that the purpose of this transaction is to fulfill the Hebei Iron and Steel Group's commitment to gradually eliminate the competition with the company, to help the company further realize the scale effect, play a synergistic effect, consolidate the company in the steel industry leading position,　　For the company's subsequent acquisition of Steel group quality steel main assets and Wuyang Iron and steel stock rights ready. The announcement shows that the Hebei Iron and steel Group made the above commitment, with its subordinate Enterprises Tang Steel Group, Handan Iron and Steel group actively promote the capital injection of the main industrial capital.　　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 in the merger of listed companies after the completion of a year can not be completed.　　In addition, the price of iron ore, steel demand fluctuations, such as the impact of domestic and foreign adverse factors, the two companies at present profitability generally, such as the immediate injection of listed companies, will be the interests of listed companies diluted. Hebei Iron and steel 3.91 yuan, rose 0.26%.