Baosteel Union gets shareholder nod for $41k subsidiary guarantee

Inner Mongolia Baotou Steel Union (SSE:600010) announced it received shareholder approval during its extraordinary general meeting to provide a guarantee of up to 30 million yuan ($41,000 USD) for Baosteel Steel Industry. According to the legal opinion provided by Inner Mongolia Jianzhong Law Firm, the meeting's procedures, attendees' qualifications, and voting results were all legally compliant and valid. Baosteel Steel Industry will provide counter-guarantees using asset collateral. As of the date of the meeting, Baosteel had no outstanding or overdue guarantees. Baosteel Steel Industry reported total assets of ¥184.77 million, liabilities of ¥67.85 million, and net assets of ¥116.92 million.