The State-owned Assets Supervision and Administration Commission of China's Shanxi Province has announced that Shanxi Coal Transportation and Sales Group Co., Ltd will carry out the restructuring of Shanxi Coke Group, becoming Shanxi Coke Group's parent company.
Shanxi Coal Transportation and Sales Group Co., Ltd is a large coal industry group, with its main business scope covering coal production, transportation, processing, the coal chemical industry, real estate, and tourism and hotels. In 2010, Shanxi Coal Transportation and Sales Group produced 28 million mt of coal, while its transacted coal tonnage reached 250 million mt. In the year in question, it recorded a sales volume of RMB 115.8 billion ($17.47 billion) and a net profit of RMB 4.5 billion ($0.68 billion).
Zhu Xiaoming, director of the State-owned Assets Supervision and Administration Commission of Shanxi Province, said that the restructuring in question can push forward the technological upgrading of Shanxi Coke Group and expand its production scale and profits. At the same time, the restructuring will also strengthen Shanxi Coal Transportation and Sales Group Co., Ltd and push forward its development.