Chinese giant Baosteel Group has announced that it is selling its 92.5 percent stake in Nantong Iron & Steel Co Ltd for RMB 601.27 million ($79.5 million).
It is reported that the stake will be sold to a subsidiary of Baosteel Group as a part of the group's restructuring of its steel assets under the umbrella of Baosteel Co. Ltd. However, whether the stake will be purchased directly by Baosteel Co. Ltd has not been clarified yet.
The remaining 7.5 percent of Nantong Iron & Steel belongs to Nantong Investment & Management Co Ltd.