Xinyu Iron & Steel unit acquires Xinyu Environmental equity

Xinyu Iron & Steel Co., Ltd. (SSE:600782) announced that its wholly-owned subsidiary, Xinyu Ring Division, has acquired a 51% stake in Xinyu Environmental Protection through a public bidding process. The acquisition was approved at the company's tenth board meeting on December 31, 2024. Xinyu Ring Division was the sole bidder and secured the equity for RMB 151 million (approximately $21 million USD). Following the acquisition, Xinyu Iron & Steel, together with its subsidiary, now holds 85% of Xinyu Environmental Protection, making it a controlled subsidiary consolidated within the company's financial statements. The company states that the acquisition will not have a material impact on its financial condition or operating results and will not harm the interests of the company and all shareholders.