Pangang Steel Vanadium & Titanium eyes stake in Anshan Group Finance

On November 30, Chinese steelmaker Pangang Steel Vanadium & Titanium Plant Co., subsidiary of Sichuan Province-based Chinese state-owned steel producer Panzhihua Iron and Steel (Pangang Group), announced that it will subscribe 130 million shares of Anshan Group Finance Co. Ltd, and also acquire a further 70 million shares in Anshan Group Finance, with the shares is question to be transferred from parent company Anshan Iron and Steel Group. The total deal will cost Pangang Steel Vanadium and Titanium Plant Co. RMB 526 million ($84 million) based on estimates made on June 30 this year. After completion, Pangang will hold 10 percent of total shares in Anshan Finance Group.