Shaogang Songshan acquires 100% stake of Baote Shaoguan

Shaogang Songshan announced on the evening of April 3rd that it planned to purchase 100% equity of Baote Shaoguan held by Baote Long Products and reduce the capital to withdraw 49% equity of Baote Long Products.Asian Metal Copyright334 billion, and the 100% equity acquisition price was RMB1.Asian Metal Copyright The assessment value for Baote Long Products's net assets was RMB2.Asian Metal CopyrightShaogang Songshan announced on the evening of April 3rd that it planned to purchase 100% equity of Baote Shaoguan held by Baote Long Products and reduce the capital to withdraw 49% equity of Baote Long Products.Asian Metal Copyright859 billion, and the consideration for capital reduction of 49% equity was RMB1.Asian Metal Copyright334 billion, and the 100% equity acquisition price was RMB1.Asian Metal Copyright401 billion; the assessment value for Baote Shaoguan's net assets was RMB1.Asian Metal Copyright .Asian Metal Copyright334 billion, and the 100% equity acquisition price was RMB1.Asian Metal CopyrightShaogang Songshan announced on the evening of April 3rd that it planned to purchase 100% equity of Baote Shaoguan held by Baote Long Products and reduce the capital to withdraw 49% equity of Baote Long Products.Asian Metal Copyright334 billion.Asian Metal Copyright859 billion, and the consideration for capital reduction of 49% equity was RMB1.Asian Metal Copyright The net offset between the two items is RMB67 million.Asian Metal Copyright The implementation of localized management will further enhance the company's competitiveness and accelerate the transformation and upgrading of Shaogang, which is an important decision based on a new round of development plan of Baowu Group and has important strategic significance for accelerating the development of special steel and long products.Asian Metal Copyright The final transaction price is based on the official assessment result.

Shaogang Songshan holds 49% equity of Baote Long Products, while Baote Long Products holds 100% equity of Baote Shaoguan. Baowu Iron and Steel Group is the actual controller of both Baosteel Long Products and Shaogang Songshan, so the transaction is a related party transaction.

The company stated that in the past two years, Baote Shaoguan has significantly improved its product quality, market recognition, and profitability. The implementation of localized management will further enhance the company's competitiveness and accelerate the transformation and upgrading of Shaogang, which is an important decision based on a new round of development plan of Baowu Group and has important strategic significance for accelerating the development of special steel and long products.

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