Liaoning Province-based Chinese steelmaker Bengang Steel Plates Co., Ltd. (Bengang Steel Plates) has announced that it plans to acquire 100 percent equity of Benxi Iron & Steel (Group) Mining Co., Ltd., while disposing of all its assets and liabilities of the existing steel smelting and rolling business, except for those retained. Upon completion of the asset swap, Bengang Steel Plates' core business will shift from steel smelting to iron ore resource development and processing.
The financial report for the January-June period showed that Bengang Steel Plates recorded a net loss of RMB 1.9075 billion ($0.28 billion) for the first half of the year, narrowing from a loss of RMB 1.399 billion in the same period last year. During the given period, the company generated an operating revenue of RMB 22.336 billion ($3.3 billion), down 9.56 percent year on year.
