Sinosteel Engineering & Technology Co., Ltd. announced on October 11 that its controlling shareholder Sino Steel Group is planned to be managed by Chinese steel giant Baowu Group, though the specific trusteeship scheme is still being worked out in discussions.
Sino Steel Group is a state-owned enterprise supervised by the State-owned Assets Supervision and Administration Commission (SASAC). It is a multinational enterprise serving the metallurgical industry and related industries by providing resources, technology and equipment for them. Sino Steel Group also engages in mineral resources development and provides metallurgical raw materials for the steel industry.