Shenzhen-listed Chinese steelmaker Beijing Shougang Co. has said it will swap its steel assets with assets worth about RMB 18 billion ($2.85 billion) belonging to affiliate company Hebei-based Shougang Qian'an Iron and Steel Co. (Qian'an Steel), according to a statement to Shenzhen Stock Exchange. Both companies are subsidiaries of Shougang Group.
Shares of Beijing Shougang, trading of which was suspended since October 2010, slumped by 10 percent in value on Monday, November 21, upon resumption of trading.