According to local media reports, Shaanxi Province-based Shaanxi Coal and Chemical Industry Group is planning to increase its shareholding in its subsidiary Shaanxi Iron and Steel Group (Shaanxi Steel) from the current 65.02 percent to 78.56 percent on the premise of unchanged capital stock of the steelmaker.
Shaanxi Steel was established in August 2009. Its registered capital totals RMB 3.69 billion ($581 million), while its annual production capacity is 10 million mt.