On April 12, Chinese steelmaker Shandong Steel Group released the third version of its restructuring plan. The biggest difference between this version and the last two is that shareholders of Jinan Steel, a subsidiary of Shandong Steel Group, are given a greater say.
Both Jinan Steel and Laiwu Steel (another subsidiary company of Shan Steel), the two steelmakers which are to be reorganized, approved the restructuring plan on April 12 after board meetings.
According to the plan, Laiwu Steel will be merged into Jinan Steel by swapping shares. After this merger, Jinan Steel have its name changed to Shandong Steel Co., Ltd.