On October 8, Guangzhou Province-based Chinese steelmaker SGIS Songshan Co. made an announcement concerning the change of name of its largest shareholder.
According to the announcement, the name of the largest shareholder of SGIS Songshan Co. was changed from Shaogang Iron and Steel Group Co. to Baosteel Shaogang Iron and Steel Co. to the approval of the Guangdong Provincial Administration of Industry and Commerce.
On August 22, 2011, Baosteel Group and Shaogang Iron & Steel signed a merger and restructuring agreement. Shaogang Iron and Steel Co., Ltd officially became a subsidiary of Baosteel on April 18, 2012.