Anhui-Province based Chinese steelmaker Ma’anshan Iron and Steel Company Limited (Masteel) has announced that it plans to invest RMB 1.0 billion ($0.14 billion) in setting up a wholly-owned subsidiary called Ma’anshan Iron and Steel Co. (provisional company name, subject to authorized registration).
The registered capital of the new company will be RMB 1.0 billion ($0.14 billion). Meanwhile, this wholly-owned subsidiary’s main business operations will be iron and steel smelting, steel rolling and processing, coking, chemical production and sales, ferroalloy smelting, and sales of metal ores.
According to Masteel, the establishment of this wholly-owned subsidiary will be in line with its development strategy and business planning needs, which is conducive to the further optimization of its business segments.
