Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that it plans to implement a debt-for-equity swap with certain financial institutions, which will increase total investment to RMB 3.28 billion ($0.47 billion) in its three subsidiaries, namely, Hunan Valin Xiangtan Iron and Steel Co., Ltd (Valin Xiangtan Steel), Hunan-based Valin Lianyuan Steel (Valin Ly Steel) and Hunan-based Hengyang Valin Steel Tube Co. Ltd.