Chongqing Iron & Steel bids for key production assets

Chongqing Iron & Steel (SSE:601005) announced its intent to participate in an auction for the 4100mm wide and thick plate production line and other assets previously leased from Chongqing Iron & Steel Group. The auction, with a listing price of ¥108,065,997.72 (approximately $15 million USD), includes steelmaking and rolling mill assets, crucial for the company's production. The board of directors has approved the move, seeing it as vital for maintaining stable production and enhancing the company's product quality, aligning with national industrial policy. The company has assessed its financial capabilities and believes it can secure the assets. The company has cautioned investors that the auction outcome is not guaranteed.