On December 12, Shandong Province-based Chinese steelmaker Shandong Iron and steel Corporation Ltd. (Shandong Steel) convened a board meeting to approve the company's restructuring and acquisition plans.
Accordingly, Shandong Steel's listed subsidiary Jinan, Shandong-based Chinese steelmaker Jinan Iron and Steel Company Ltd will acquire the stake held by Shandong Steel in Laiwu, Shandong-based Chinese steel producer Laiwu Iron and Steel Company Ltd., which is another listed subsidiary of Shandong Steel.
In addition, Shandong Steel has also planned to acquire and restructure Rizhao, Shandong-based Chinese private sector steel company Rizhao Iron and Steel Co., Ltd. Negotiations in relation to Shandong Steel's acquisition of Rizhao Steel are still underway, and are expected to be completed by the end of February 2011.