Ansteel writes off its rolled steel processing company in Shanghai
2017-12-08 14:33:44 [Print]
Shanghai Material Trading announced on the evening of December 7th that its participating subsidiary company, Shanghai Ansteel Rolled Steel Processing co., Ltd. ("the target company"), will be liquidated and written off. At present, Shanghai Material Trading holds a 49% stake in the target company, while that for Anshan Iron and Steel Group is 51%.
The announcement explained the reason of this liquidation and cancellation. As the target company's equipment was outdated without deep processing capacity which could not meet the processing needs of customers, their steel processing business shrank in recent years and they mainly depended on acting sales of Ansteel's spot material to stay in business. Therefore, Shanghai Material Trading and Ansteel decided to liquidate and write off the target company on the basis of consensus.
The announcement explained the reason of this liquidation and cancellation. As the target company's equipment was outdated without deep processing capacity which could not meet the processing needs of customers, their steel processing business shrank in recent years and they mainly depended on acting sales of Ansteel's spot material to stay in business. Therefore, Shanghai Material Trading and Ansteel decided to liquidate and write off the target company on the basis of consensus.
