Chinese company Pangang Group Steel Vanadium & Titanium (Pangang V&T) announced on March 27, the program for transfer of assets with Liaoning-based Chinese steelmaker Ansteel (in particular regarding the latter's Australian assets) has been approved by China's National Development and Reform Commission (NDRC). In addition, the transaction has been also approved by Australia's Foreign Investment Review Board and by the State-owned Assets Supervision and Administration Commission of China's State Council.
Pangang Group Steel Vanadium & Titanium expects to receive 100 percent shares of Ansteel's Anqian Mining Co.,Ltd and 100 percent shares of Ansteel Hong Kong Holding Ltd and 100 percent shares of Ansteel Investments (Australia) Ltd in exchange for its steel-related business assets.
After the completion of the transaction, Pangang Group Steel Vanadium & Titanium will no longer engage in the steel business, but will instead focus on iron ore mining, purification of titanium concentrate, and production and processing of vanadium and titanium products.
The transaction takes place within the context of the merger between Pangang Group and Ansteel.