Masteel's holding subsidiary receives government compensation
2020-11-03 11:30:42 [Print]
Recently, Masteel Group announced that its holding subsidiary Masteel (Hefei) Iron and Steel Co., Ltd. halted production of smelting process in December 2015 based on MIIT's requirements on eliminating outdated and surplus production capacity of industrial industries and was taken over by Hefei city in terms of all production base staff in accordance with the principles of Anhui provincial government special meeting. The company provided cooperation during the process. Anhui Anlian Xinda Certified Public Accountants Co. Ltd. conducted a special audit and confirmed that the compensation generated after the 100% production suspension of smelting process reached about RMB130.87 million (USD19.56 million).
According to the principles of Anhui provincial government special meeting and related discussions, Hefei Iron and Steel, Hefei Plate and Hefei Industrial Investment reached a consensus. Hefei Industrial Investment will transfer obligatory right of Hefei Plate worth about RMB130.87 million (USD19.56 million) to Hefei Iron and Steel to offset the compensation of about RMB130.87 million (USD19.56 million) based on its confirmation, and Hefei Plate will release the payment of about RMB130.87 million (USD19.56 million) to Hefei Iron and Steel.
According to the principles of Anhui provincial government special meeting and related discussions, Hefei Iron and Steel, Hefei Plate and Hefei Industrial Investment reached a consensus. Hefei Industrial Investment will transfer obligatory right of Hefei Plate worth about RMB130.87 million (USD19.56 million) to Hefei Iron and Steel to offset the compensation of about RMB130.87 million (USD19.56 million) based on its confirmation, and Hefei Plate will release the payment of about RMB130.87 million (USD19.56 million) to Hefei Iron and Steel.
