Chongqing-based Chinese steel producer Chongqing Iron & Steel Co. (Chongqing Steel) has announced that its controlling shareholder Chongqing Steel Group has pledged a further 67 million restricted shares of the company to the Export-Import Bank of China (EIBC) until June 2017. The pledge in question will provide an additional guarantee for Chongqing Steel’s loan of RMB 860 million ($130.54 million) from EIBC contracted in June 2015.
Currently, Chongqing Steel Group holds 2.096 billion of shares in Chongqing Steel, accounting for 47.27 percent of the company’s total equity, while it has now pledged a total of 857 million shares to EIBC, accounting for 19.32 percent of the company’s total equity.