As previously reported by SteelOrbis, Shandong Province-based Chinese steelmaker Laiwu Iron and Steel Group Co., Ltd (Laiwu Steel Group) had put 100 percent of equity and creditors’ rights of Xinjiang Autonomous Region-based Laiwu Steel Xinjiang Company up for sale at China Shandong Property Rights Exchange Center (SPREC) on September 22, 2017, at a price of RMB 3.294 billion ($0.5 billion).
On February 5, as announced by SPREC, Laiwu Steel Group adjusted the selling price of Laiwu Steel Xinjiang Co. from RMB 3.294 billion to RMB 1.0 billion ($0.16 billion).