Liaoning Province-based major Chinese steelmaker Bengang Steel Plates Co., Ltd has announced that it plans to implement a major asset replacement. Accordingly, Bengang Steel Plates intends to replace all assets and liabilities related to its steel business with the mining asset of Liaoning-based Benxi Iron and Steel, though the specific scope of assets involved in the asset replacement needs to be determined by both parties.
The value of the transaction in question has not been determined yet. The specific replacement price shall be determined on the basis of the appraised value of the assets to be placed on record by the state-owned assets management department.