On December 5, Chinese steelmaker Chongqing Steel announced that Chongqing Changshou Iron and Steel Company (Changshou Steel) will hold 2.097 billion of its shares, equivalent to a 23.51 percent stake, thereby becoming its largest shareholder.
As of December 1, Changshou Steel acquired 1.093 billion shares in Chongqing Steel, while the remaining 1.004 billion shares will be acquired after paying off the debts of Chongqing Steel.
At the same time, Changshou Steel stated that it will make Chongqing Steel the most competitive steelmaker in southwestern China by ending its losses, making profits and by upgrading. According to its plan, it will first restart production lines which have halted production operations. In 2018, Chongqing Steel will have a crude steel capacity of 5.75 million mt, with a finished steel capacity of 5.1 million mt, while it aims to sell 470,000 mt of semi-finished steel during the year.