Shanxi Province-based Chinese stainless steel producer Taigang Stainless Steel Co., Ltd (Taigang Stainless Steel) has announced that it has inked a capital increase agreement with Shandong Province-based Xinhai New Material Co., Ltd. and Xinhai Industrial Co., Ltd., planning to increase its investment in Xinhai Industrial by RMB 1.74879 billion ($0.25 billion).
After the completion of the capital increase, Taigang Stainless Steel will hold 51 percent equity in Xinhai Industrial, while Xinhai Material will hold the remaining 49 percent. Xinhai Industrial operates in the areas of metal manufacturing, steel processing and sales of metal materials.