On December 9, Jiangsu Province-based Chinese company Jiangsu Shagang Co., Ltd. (Jiangsu Shagang), a subsidiary of Chinese steelmaker Shagang Group, has stated that its major asset reorganization will cover research and development, production, sales and relevant services for the new-energy automotive industry. The company has suspended trading of its shares since July 23, 2015 in preparation for asset reorganization.
Jiangsu Shagang stated that its transformation focusing on the new-energy automotive industry is mainly due to the sluggishness in the domestic steel industry, while its traditional advantage in high-end finished steel provides support for the transformation in question.