Shanghai-based Ansteel Steel Processing Co. is to be shut down, as announced by its shareholder Shanghai Material Trading Co. on December 7. Shanghai Material Trading Co. holds a 49 percent stake in Shanghai Ansteel Steel Processing, while Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) holds the remaining 51 percent stake.
According the announcement, the obsolete equipment and insufficient processing ability of Shanghai Ansteel Steel Processing was unable to meet demand from customers, and so its shareholders have decided to shut down the company.