At the company's annual shareholders meeting held on April 26, Zhang Ruosheng, chairman of Chinese steel producer Guangdong Steel, stated that Guangdong provincial authorities are to hold a meeting with Shanghai-based steelmaker Baosteel regarding the restructuring of Guangdong Steel.
Since the establishment of Guangdong Steel Group in June 2008, the market has been eagerly awaiting the restructuring of Guangdong Steel Group, but no substantial results have been achieved yet. According to the restructuring plan, Guangdong Steel is to be jointly controlled by Baosteel and the State-owned Assets Supervision and Administration Commission of Guangdong Province.
An official of the State-owned Assets Supervision and Administration Commission of Guangdong Province declined to give a specific date for the meeting in question. It is reported that while the meeting was scheduled to be held at the end of April, it will now be held soon after the May 1 holiday.