China Baowu and Masteel group sign the restructuring implementation agreement

On the 19th, China Baowu Iron and Steel Group Co., Ltd. and Ma Gang (Group) Holding Co., Ltd. signed a restructuring implementation agreement in Hefei. The joint restructuring of the two sides will help to enhance the concentration of China's iron and steel industry and build a world-class steel enterprise with international competitiveness.

Chen Derong, secretary and chairman of the CPC Committee of Baowu, China, said that the joint restructuring of Baowu and Maanshan Iron and Steel Group of China is a continuation of long-term cooperation between the two sides and an important measure to promote the structural reform of the supply side of the iron and steel industry. It will help to enhance the concentration of China's iron and steel industry and build a world-class steel with international competitiveness. Iron enterprises. After restructuring, Baowu will give full play to its own advantages and the characteristics of industrial products of Ma Steel, increase investment and resource allocation in Ma Steel Group, optimize product structure, improve product quality, build green and intelligent urban steel plants, and realize the coordinated development of central enterprises and regional economy. It is understood that on May 31 this year, Anhui SASASAC signed an agreement with China Baowu. According to the agreement, Anhui SASAC will transfer 51% of its shares to China Baowu. Through this transfer, China Baowu will directly hold 51% of the shares of Maanshan Iron and Steel Group, and indirectly control 45.54% of the shares of Maanshan Iron and Steel Group through Maanshan Iron and Steel Group, becoming the indirect controlling shareholder of Maanshan Iron and Steel Group.