Angang New Steel to purchase parent assets
According to recent news in the market, Angang New Steel will buy assets from its parent company Angang Iron and Steel Group for Yuan 18 billion ($2.2 billion) with the purpose of making profit from the strong demand for metal. Moreover, Angang New Steel will takeover Angang New Steel and Iron Company, which has an annual production capacity of 13.3 million tons of iron, 8 million tons of steel and 7.8 million tons of steel products.