On May 5, Panzhihua New Steel and Vanadium Company Limited (PSV), subsidiary of Sichuan-based Chinese steelmaker Panzhihua Iron and Steel, announced that it has successfully concluded its second cash option, which indicates that the merger of Ansteel, subsidiary of Liaoning-based Anshan Iron and Steel Group, and PSV has been completed.
The merger was approved by the State-owned Assets Supervision and Administration Commission (SASAC) on May 20, 2010. The merged company will become a new wholly-owned subsidiary of Anshan Iron and Steel Group.