Hubei Province-based Chinese steel giant Wuhan Iron and Steel Co. (
WISCO) has announced that it is planning to invest RMB 600 million ($95.39 million) to raise its stake in Pingdingshan Shenma Group, a Henan Province-based energy and chemical trading company in
China.
With the investment,
WISCO’s stake in Pingdingshan Shenma Group is expected to increase from 9.79 percent to 12.06 percent.
WISCO stated that its subsidiary Echeng Iron and Steel Co. will pay for the total investment with coking assets to the value of RMB 600 million ($95.39 million).