On August 11, Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Co. Ltd (Bayi Steel) announced that it plans to buy iron smelting, energy and logistics assets from its controlling shareholder Xinjiang-based steelmaker Bagang LLC (Bagang), which is a subsidiary of major Chinese steelmaking Group Baowu Group.
Accordingly, Bayi Steel will pay in cash to buy the assets in question. Bayi Steel had suspended trading of its shares on July 14 citing restructuring plans. Prior to the latest announcement, the steelmaker had not revealed the details regarding the planned restructuring.
