Hubei Province-based Chinese steelmaker Daye Special Steel Co. (Daye Special Steel) has announced that it plans to purchase a 86.5 percent stake in Jiangsu Province-based Xingcheng Special Steel via a share issuance at a price of RMB 10.0 per share ($1.52/share). The 86.5 percent stake in question is estimated at a value of around RMB 23.182 billion ($3.34 billion).