Baowu Steel to establish integration leading team for restructuring Magang
2019-10-12 17:57:01 [Print]
In accordance with the news from China Baowu Steel Group (Baowu Steel), a meeting was held on October 10th to lunch the management integration between Baowu Steel and Magang (Group) Holding Co., Ltd. (Magang) on relevant restructuring.
Hu Wangming, the general manager from Baowu Steel, noted that their plan on restructuring Magang has ushered into a substantive operation phase, adding that they attach great importance to this issue and plan to establish an integration leading team so as to formulate integration plans, explore common benefits, seek incentive mechanism and boost cultural integration.
According to Hu Wangming, Magang's unique product structure of steel plate, steel section, steel wire, steel wheel and special steel will be supplementary to Baowu's product structure. Mr. Hu also noted that they will step up efforts to do integration work of products of the two companies and improve the market share, influence and pricing ability of steel plate.
According to a report released in June 2019, Baowu Steel planned to restructure Magang and Anhui Provincial State-owned Assets Supervision and Administration Commission will transfer its 51% shares of Magang to Baowu Steel. After this acquisition, Baowu Steel will indirectly hold 45.54% shares of Magang and become an indirect controlling shareholder of Magang; meanwhile, the actual controller of Magang will be changed from Anhui Provincial State-owned Assets Supervision and Administration Commission to the State-owned Assets Supervision and Administration Commission of the State Council.
Hu Wangming, the general manager from Baowu Steel, noted that their plan on restructuring Magang has ushered into a substantive operation phase, adding that they attach great importance to this issue and plan to establish an integration leading team so as to formulate integration plans, explore common benefits, seek incentive mechanism and boost cultural integration.
According to Hu Wangming, Magang's unique product structure of steel plate, steel section, steel wire, steel wheel and special steel will be supplementary to Baowu's product structure. Mr. Hu also noted that they will step up efforts to do integration work of products of the two companies and improve the market share, influence and pricing ability of steel plate.
According to a report released in June 2019, Baowu Steel planned to restructure Magang and Anhui Provincial State-owned Assets Supervision and Administration Commission will transfer its 51% shares of Magang to Baowu Steel. After this acquisition, Baowu Steel will indirectly hold 45.54% shares of Magang and become an indirect controlling shareholder of Magang; meanwhile, the actual controller of Magang will be changed from Anhui Provincial State-owned Assets Supervision and Administration Commission to the State-owned Assets Supervision and Administration Commission of the State Council.
