As Shandong Province-based Chinese steelmakers Jinan Iron and Steel Group (Jigang) and Laiwu Iron and Steel Corporation (Laiwu Steel) disclosed on November 10, the merger between them has been approved by the China Securities Regulatory Commission. Both Laiwu Steel and Jigang are subsidiaries of Shandong Iron and Steel Group Co.
Under the terms of the merger, one Laiwu Steel share is equal to 2.43 Jigang shares.