Masteel transfers 55 percent share of its scrap company to Masteel Group

Anhui Province-based Chinese steelmaker Maanshan Iron and Steel Co. Ltd (Masteel) announced that it decided to transfer 55 percent share in its wholly-owned subsidiary Maanshan Scrap Co. Ltd (Masteel Scrap) to its holding shareholder Masteel Group at the price of RMB 1.78 billion (0.26 billion). After the transfer, Masteel Group will hold 55 percent share in Masteel Scrap, while Masteel will hold 45 percent in Masteel Scrap.