Hegang Group receives RMB 4.772 billion as compensation for moving out from city center

Monday, 06 December 2021 11:41:32 (GMT+3)   |   Shanghai
       

On December 4, Chinese steelmaker Hebei Iron and Steel Co., Ltd (Hegang) issued a notice about progress on the receipt of compensation for moving out from the city center, which stated that Hegang received RMB 4.772 billion ($0.75 billion) as of December 4. The compensation is for Tangshan Iron and Steel Co., Ltd (Tangsteel), the subsidiary of Hegang Group, as it has moved out from the city center of Tangshan. Tangsteel’s steel capacity in the city center was halted completely as of September this year, and the new capacity has been moved to Laoting County in Hebei Province.

$1 = RMB 6.3702


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