Baosteel takes 49% stake in Maanshan Iron & Steel

Baoshan Iron & Steel Co., Ltd. (SSE:600019) announced plans to acquire a 49% equity stake in Maanshan Iron & Steel Co., Ltd. The deal involves acquiring a 35.42% stake from Maanshan Iron & Steel for CNY 5.139 billion and simultaneously increasing capital by CNY 3.861 billion. The total investment is expected to be CNY 9 billion, with the final amount determined by the net asset value of Maanshan Iron & Steel Co., Ltd., as recorded with relevant authorities. The board of directors already approved the transaction on April 17, 2025, following the independent directors' endorsement. The transaction still requires approval from Maanshan Iron & Steel's shareholders. Baosteel will also hold its 2024 financial year and 2025 Q1 earnings call on April 28 to address any questions on the topic.