Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that its operating performance in the fourth quarter show no great change compared to the third quarter. Meanwhile, it also stated that, if the net profit of Guangdong Province-based Yangchun New Iron and Steel (Yangchun New Iron and Steel) is not less than RMB 500 million ($76.0 million) for 2017, Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Group (Valin Group) will merge Yangchun New Iron and Steel with its listed subsidiary Hunan Valin Steel.
At present, Yangchun New Iron and Steel is a subsidiary of Hunan-based Chinese steelmaker Hunan Valin Xiangtan Iron and Steel Co., Ltd (Valin Xiangtan Steel), which in turn is a subsidiary of Valin Group.