The State-owned Assets Supervision and Administration Commission of China's State Council has approved the restructuring of domestic steelmakers Angang Group and Pangang Group. Following the decision of approval, on May 24 trading of shares of Angang Group and Pangang Group Vanadium and Titanium Ltd was suspended
Both Angang Group and Pangang Group are controlled by the State-owned Assets Supervision and Administration Commission of the State Council. Angang Group was listed on the stock exchange in October 2005. It is the large stakeholder in Angang Steel Company Limited and also holds a 10.39 percent stake in Pangang Group Vanadium and Titanium Ltd. Pangang Group was listed on the stock exchange last year following restructuring. It holds the controlling stake in Pangang Group Vanadium and Titanium.
As previously stated by Angang Steel general manager Zhang Xiaogang, Pangang Group's advantage lies in vanadium and titanium resource utilization and in strategic control over resources in the western area of Panzhihua city.