On December 6, Anhui Province-based Chinese steelmaker Maanshan Iron and Steel Co., Ltd. (Masteel) announced that its controlling shareholder Anhui Province-based Magang Group Holding Co., Ltd (Magang Group) has decided to pledge 800 million of its shares in Masteel for a period of not less than three years in order to raise funds. Accordingly, Magang Group plans to conduct the registration procedure for the pledging of the shares in question at
China Securities Depository and Clearing Corporation Limited (CSDC). Meanwhile, the plan for the pledging of shares will be filed with
China’s State-Owned Assets Supervision and Administration Commission (SASAC).