Baosteel Metal Co., a subsidiary of Chinese steel giant
Baosteel Group, has announced that it plans to sell four wholly-owned subsidiaries, namely,
Baosteel Hot Stamping Parts Co.,
Baosteel Wheel Co.,
Baosteel Hydro-forming Parts Co. and Yantai
Baosteel Wheel Co., through Shanghai Property Information Exchange Center at respective prices of RMB 109 million ($17.17 million), RMB 258 million ($40.63 million), RMB 126 million ($19.84 million) and RMB 48.94 million ($7.7 million).
According to the financial reports of the companies on sale, in the current year up to October 31
Baosteel Hot Stamping Parts and Yantai
Baosteel Wheel incurred net losses of RMB 3.32 million ($523,000) and RMB 156,100 ($24,582) respectively, while
Baosteel Wheel and
Baosteel Hydro-forming Parts achieved relatively low profits of RMB 4.69 million ($738,583) and RMB 2.39 million ($376,378) respectively.
The deadline set for the planned sale of the four assets is December 26, 2011.