Heilongjiang-based Chinese company Baotailong New Material Co., Ltd has announced that it has signed an equity transfer agreement with Hebei-based Chinese steelmaker Tangshan Jianlong Special Steel Co., Ltd and Jilin-based company Jilin Henglian Precision Casing Technology Co., Ltd.
Accordingly, Baotailong New Material will transfer its 10 percent stake in Liaoning-based Chinese steelmaker Fushun New Steel Co., Ltd for an overall price of RMB 100 million ($14.97 million) to Jianlong Special Steel and Jilin Henglian Precision Casing Technology, with the stake in question to be divided equally between the latter two companies.
In the first quarter of the current year, Fushun New Steel registered a net loss of RMB 44.9629 million ($6.73 million).