Anyang Iron & Steel announces assets swap with controlling shareholder
2024-12-16 16:00:20 [Print]
Anyang Iron & Steel Co., Ltd. announced an assets swap scheme with its controlling shareholder Anyang Iron & Steel Group Co., Ltd., as it seeks to increase self-sufficiency of iron ore and become less affected by price volatility, in a bid to increase competitiveness, risk resistance and profitability.
Under the scheme, Anyang Iron & Steel will transfer the stake it holds in Angang Group Yongtong Ductile Cast Iron Pipe Co., Ltd. and some environmental protection assets to its controlling shareholder, and acquire certain stake held by controlling shareholder in Henan Angang Group Wuyang Mining Co., Ltd. The total consideration for the assets swap is estimated at RMB1,385 million (USD190 million).
Yongtong is mainly engaged in the smelting of pig iron and production and sales of Ductile Cast Iron Pipe and has been suffering losses over the past few years. Wuyang is large-sized stated-owned iron ore enterprise mainly focusing on iron ore mining and production and sales of iron ore concentrate.
Under the scheme, Anyang Iron & Steel will transfer the stake it holds in Angang Group Yongtong Ductile Cast Iron Pipe Co., Ltd. and some environmental protection assets to its controlling shareholder, and acquire certain stake held by controlling shareholder in Henan Angang Group Wuyang Mining Co., Ltd. The total consideration for the assets swap is estimated at RMB1,385 million (USD190 million).
Yongtong is mainly engaged in the smelting of pig iron and production and sales of Ductile Cast Iron Pipe and has been suffering losses over the past few years. Wuyang is large-sized stated-owned iron ore enterprise mainly focusing on iron ore mining and production and sales of iron ore concentrate.
