Shandong Province-based Chinese steelmaker Shandong Iron and Steel Co., Ltd (Shandong Steel) announced that it is planning to issue shares in order to raise funds to enable it to acquire shares in certain steel assets. Accordingly, Shandong Steel plans to issue shares for Shandong Iron & Steel Group Co., Ltd (Shandong Steel Group), Laiwu Iron and Steel Group Co., Ltd (Laiwu Steel Group), Yongfeng Group Co., Ltd (Yongfeng Group) and Qihe Zongxin Investment Co., Ltd in order to purchase shares in Yongfeng Steel Co., Ltd, Yongfeng Zibo Co., Ltd and Rizhao Steel Holding Group Co. (Rizhao Steel). All the companies in question are based in China's Shandong Province.
Trading of shares of Shandong Steel has been suspended as of March 27 for not more than one month.