Shandong Province-based Chinese steel producer Jinan Iron and Steel Company (Jinan Steel) announced on December 21 that an agreement has been reached to sell 30 percent of its total shares to Tibet Trust Corporation for a consideration of RMB 3 billion ($472 million). The remaining 70 percent of shares in Jinan Steel will continue to be held by Jinan Steel's mother company Shangdong Steel Group.
Jinan Steel previously injected further funds totaling RMB 857 million ($134.96 million) into its registered capital which thus reached RMB 2.857 million ($449.92 million). This move was approved by Shandong Provincial State-owned Assets Supervision and Administration Commission.