Henan Province-based Chinese steelmaker Anyang Iron and Steel Co., Ltd. has announced that it plans to conduct an asset swap with its controlling shareholder Anyang Iron and Steel Group, with the assets being disposed of being all the equity interests in Henan-based ductile pipe producer Anyang Steel Group Yongtong Ductile Iron Pipe Co., Henan-based pellet production and sales company Anyang Steel Group Yuhe Yongtong Pellet Co., Ltd. and certain environmental assets, which will be swapped with part of the equity in Henan Anyang Steel Group Wuyang Mining Co., Ltd. held by the controlling shareholder Anyang Iron and Steel Group, while the balance will be made up in cash (subject to the appraisal value).
After the transaction, Anyang Iron and Steel Co. will have a controlling stake in Wuyang Mining.
The transaction is still in the planning stage, while the parties to the transaction have not yet signed a formal agreement as the specific transactions are still under discussion.