Sangang Minguang terminates contract with Laiwu Iron & Steel Xinjiang Company
2019-01-24 14:52:18 [Print]
On 23 January, Fujian Sangang Minguang Co., Ltd. ("Sangang Minguang") signed an agreement with Laiwu Iron & Steel Xinjiang Co., Ltd. under Shandong Iron & Steel Group ("Laiwu Iron & Steel Xinjiang Company") on terminating the transfer of iron & steel capacity quota.
Sangang Minguang got Laiwu Iron & Steel Xinjiang Company's iron & steel capacity quota, including 1.22 million tons of iron and 1.35 million tons of steel, at a total price of RMB1.814 billion through online auction on 16 November, 2018.
On 29 December, 2018, Laiwu Iron & Steel Xinjiang Company was required by local authorities to resubmit application based on its actual capacity quota as it was found cheating, so it decided to withdraw the quota that was listed for transfer recently. The quota will be auctioned again after the verification process.
Sangang Minguang got Laiwu Iron & Steel Xinjiang Company's iron & steel capacity quota, including 1.22 million tons of iron and 1.35 million tons of steel, at a total price of RMB1.814 billion through online auction on 16 November, 2018.
On 29 December, 2018, Laiwu Iron & Steel Xinjiang Company was required by local authorities to resubmit application based on its actual capacity quota as it was found cheating, so it decided to withdraw the quota that was listed for transfer recently. The quota will be auctioned again after the verification process.
