Jiangsu Province-based Chinese steel producer Shagang Group has announced that it has transferred a 38.96 percent stake in Shandong Tiexiong Xinsha Energy Co., Ltd to Chinese metallurgical coke producer Shandong Coking Group Co., Ltd. Following the transaction,Shandong Coking Group holds 85 percent of shares of Tiexiong Xinsha Energy.
The main investors in Tiexiong Xinsha Energy, in which total investment has amounted to RMB 6 billion, are Shandong Coking Group, Shagang Group and Xinwen Mining Group.Tiexiong Xinsha Energy has an annual metallurgical coke production capacity of 3 million mt.