Chinese steel producer Chongqing Iron & Steel Co., Ltd (Chongqing Steel) - a listed subsidiary of China Chongqing Steel Group - announced that its controlling shareholder, Chongqing Changshou Iron & Steel Co., Ltd (Chongqing Changshou Steel), completed a change in business registration on December 2. Accordingly, Chinese steel giant Baowu Group now holds 40 percent equity in Chongqing Changshou Steel, Sichuan Desheng Group Vanadium Titanium Co., Ltd holds 35 percent, and Chongqing Strategic Emerging Industries Equity Investment Fund Partnership holds the remaining 25 percent. Baowu Group also indirectly holds 23.51 percent equity in Chongqing Iron & Steel.
The previous actual controller of Chongqing Iron & Steel, Siyuanhe Industrial Development Fund, has fulfilled its historical mission and will be dissolved.
Baowu Group will continue its merger and reorganization process over the next few years, aiming to raise its annual capacity to 200 million mt, according to the China Iron & Steel Association (CISA).
Baowu’s annual capacity already exceeded 100 million mt in September following its merger with Chongqing Iron & Steel Co, which made it a bigger steelmaker than ArcelorMittal.