Shandong Province-based Chinese steel producer Rizhao Steel Holding Group Co., Ltd now holds a 51 percent stake in Shandong-based Zibo Qilinfushan Iron and Steel Co., Ltd, making it the new controlling shareholder of the latter company, while the stake of the original controlling shareholder, Shandong-based Zibo Fushan Enterprise Group Co., Ltd, has declined from 76 percent to 25 percent.
According to a previous announcement, Rizhao Steel will add 8.7 million mt of steelmaking capacity in 2022, with its overall annual capacity expected to exceed 30 million mt.