Henan Province-based Chinese steelmaker Anyang Iron and Steel Co. (Anyang Steel) has announced that its subsidiary Anyang Steel Cold Rolled Plant plans to ink a deal to borrow funds from Shanghai-based Shanghai Dingyi Financial Leasing Co., Ltd (Shanghai Dingyi Financial Leasing).
Accordingly, Anyang Steel Cold Rolled Plant will officially lease its facilities for three years to Shanghai Dingyi Financial Leasing while continuing to operate them, while at the same time it will borrow RMB 73.0 million ($10.7 million) from Shanghai Dingyi Financial Leasing for a three-year period, at an annual interest rate of 4.75 percent. The sum in question is expected to enhance the performance of Anyang Steel Cold Rolled Plant and improve its profitability.