China’s state-owned Sinosteel Corporation (Sinosteel) has decided to sell a 4.71 percent stake in Guangxi Zhuang Autonomous Region-based Chinese stainless steel producer Liugang Zhongjin Stainless Steel Co. Ltd, for a total price of RMB 75.8804 million ($11.0 million), as announced by Tianjin Property Rights Exchange.
In the January-August period of the current year, Liugang Zhongjin Stainless Steel recorded a net profit of RMB 88.5859 million ($12.8 million).