On November 24, Jiangsu Province-based Chinese steel producer Huaigang Special Steel Co., a subsidiary of
Shagang Steel Group, announced that it plans to merge two of its subsidiaries, i.e., Huaiao Steel and Huaitie Steel, into Lihuai Steel, another subsidiary of Huaigang Special Steel.
Accordingly, Huaigang Special Steel will hold a 75 percent stake in the restructured Lihuai Steel which will have a registered capital of RMB 726 million ($114.33 million). Production of the restructured company will include bearing steel, spring steel, pinion steel, low alloy steel, and common carbon steel.