Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co., Ltd. (Baogang) has announced that it plans to sell 20 percent equity in its subsidiary Baogang Li’er Co., Ltd., with the bottom price not lower than the appraised value corresponding to the equity to be transferred. After the transaction, Baogang will hold a 30 percent stake in Baogang Li’er.
Baogang Li’er was jointly set up by Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co., Ltd. (Baogang) and Beijing-based Li’er High Temperature Material Co. in 2011, with the registered capital of RMB 150 million being equally owned by the two companies. The company is a national high-tech enterprise integrating the development, production, sales, construction and maintenance of refractory materials, metallurgical auxiliary materials and the inspection and testing of refractory materials, while its products are mainly used in the steelmaking mill, steel sheet mill, rare earth steel sheet mill and steel pipe mill of Baogang.