Guangxi Zhuang Autonomous Region-based Chinese steelmaker Liuzhou Iron and Steel Co. (Liuzhou Steel) has announced that its controlling shareholder Liuzhou Steel Group has received approval from the State-owned Assets Supervision and Administration Commission (SASAC) to invest in Guangxi Zhuang Autonomous Region-based Chinese steelmaker Guangxi Iron and Steel Group (Guangxi Steel Group). After Liuzhou Steel Group’s investment, it will hold a 84.14 percent stake in Guangxi Steel Group, while Wuhan Iron and Steel Group will hold the remaining 15.86 percent stake. Currently, Guangxi Steel Group is a wholly-owned subsidiary of Wuhan Iron and Steel Group.
Furthermore, Liuzhou Steel Group has signed an agreement with Wuhan Iron and Steel Group, according to the which the latter will subsequently transfer all its shares in Guangxi Steel Group to Liuzhou Steel Group.