Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that it has decided to terminate the planned major reorganization of assets with its parent company Hunan Iron and Steel Group (Valin Group) and with Hunan Caixin Financial Holding Group.
Valin Steel stated that the assets it had planned to acquire had made losses, while the operations of the steel assets it had planned to sell have improved significantly.
However, the final official agreement on the termination of the planned asset reorganization has not been signed yet.