Shandong Province based Chinese steel producer Jinan Iron and Steel Company announced on December 21 that an agreement has been reached to sell 30% of its total shares to Tibet Trust Corporation for a consideration of CNY 3 billion. The remaining 70% of shares in Jinan Steel will continue to be held by Jinan Steel mother company Shangdong Steel Group.

Jinan Steel previously injected further funds totaling CNY 857 million into its registered capital which thus reached CNY 2.857 million. This move was approved by Shandong Provincial State-owned Assets Supervision and Administration Commission.

(Sourced from SteelOrbis)
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