BEIJING, July 18 (Xinhua) -- Angang Steel Company Limited (000898.SZ) announced Tuesday that it planned to purchase a 100-percent stake in Chaoyang Steel from its controlling shareholder, Ansteel Group, at 5.9 billion yuan.
Chaoyang Steel has the steel plate production lines with an annual production capacity of 2 million metric tons (tonnes). In 2017, its net profit was 1.034 billion yuan. From January to May this year, its net profit stood at 768 million yuan.
After acquisition, Ansteel will achieve synergistic development of steel production in Anshan, Bayuquan, and Chaoyang bases. (Edited by Li Haoran, hupingchao@xinhua.org)
A single purchase
