On November 29, China’s State-owned Assets Supervision and Administration Commission (SASAC) announced that Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Co. (Ansteel) has signed a cooperation agreement with Agriculture Bank of China (ABC). Accordingly, Agriculture Bank of China will make credit totaling RMB 50 billion ($8.17 billion) available to Ansteel over the next three years, to provide financial support for overall restructuring and improvements at the steelmaker.
The two sides have had a long-term strategic cooperative partnership since 2008.