Maanshan Iron & Steel to introduce Baosteel as investor

Maanshan Iron & Steel (SSE:600808) announced today its plans to introduce Baosteel as an investor in its wholly-owned subsidiary, Maanshan Iron & Steel Co., Ltd. As part of the agreement, Maanshan Iron & Steel will transfer a 35.42% equity stake in the subsidiary to Baosteel for an estimated consideration of CNY 5.139 billion. Simultaneously, Baosteel will increase the capital of Maanshan Iron & Steel Co., Ltd. by CNY 3.861 billion in cash, while Maanshan Iron & Steel will waive its right to subscribe to this increase. The final transaction amounts will be determined based on the net asset valuation of Maanshan Iron & Steel Co., Ltd., as recorded with the relevant authorities.