Chinese steel producer Anyang Iron & Steel Group has scrapped a plan to sell an 80% stake through a public listing. Liaoning Fangda Group in March offered to acquire a stake in the Anyang Iron and Steel Co Ltd for at least CNY 11 billion yuan (USD 1.64 billion) and had submitted an application for the purchase and a deposit to the Henan Zhongyuan Property Rights Exchange. However, the two parties failed to reach agreement on terms of the mixed-ownership reform in the stipulated time and company’s owner, the state-assets regulator in Henan province, had approved the scrapping of the public transferPrivately-owned Chinese firm Liaoning Fangda Group’s unit has offered to buy an 80% stake in state-backed Anyang Iron & Steel Group. Jiangxi Fangda Steel Group Co Ltd has submitted an application and deposit to the Henan Zhongyuan Property Rights Exchange, as part of its offer of at least CNY 11 billion yuan (USD 1.73 billion) for the 80% stakeAngang Group was founded in 1958 which was a small iron and steel works with the original design capacity of 100,000 tonnes steel per year. After more than 50 years’ development, Angang has become a modernized steel group in mining and mineral refining, coking and sintering, steel smelting, rolling and machining, metallurgical construction, research and development, information technology, logistics service, international trade and the biggest iron and steel production base in Henan province with an annual production capacity around 10 million tonnes as well as an annual sales revenue over CNY 500 billion.Anyang Group has been planning ownership reform after China called for further consolidation of its mammoth ferrous sector. It signed a letter of intent with Jiangsu-based private steelmaker Shagang Group in May 2021, before the local government decided on a public listing of its 80% stake last November.Jiangxi Fangda, which also owns Shanghai-listed Fangda Special Steel, has capacity to make around 20 million tonnes of steel products per year.
Chinese steel producer Anyang Iron & Steel Group has scrapped a plan to sell an 80% stake through a public listing. Liaoning Fangda Group in March offered to acquire a stake in the Anyang Iron and Steel Co Ltd for at least CNY 11 billion yuan (USD 1.64 billion) and had submitted an application for the purchase and a deposit to the Henan Zhongyuan Property Rights Exchange. However, the two parties failed to reach agreement on terms of the mixed-ownership reform in the stipulated time and company’s owner, the state-assets regulator in Henan province, had approved the scrapping of the public transferPrivately-owned Chinese firm Liaoning Fangda Group’s unit has offered to buy an 80% stake in state-backed Anyang Iron & Steel Group. Jiangxi Fangda Steel Group Co Ltd has submitted an application and deposit to the Henan Zhongyuan Property Rights Exchange, as part of its offer of at least CNY 11 billion yuan (USD 1.73 billion) for the 80% stakeAngang Group was founded in 1958 which was a small iron and steel works with the original design capacity of 100,000 tonnes steel per year. After more than 50 years’ development, Angang has become a modernized steel group in mining and mineral refining, coking and sintering, steel smelting, rolling and machining, metallurgical construction, research and development, information technology, logistics service, international trade and the biggest iron and steel production base in Henan province with an annual production capacity around 10 million tonnes as well as an annual sales revenue over CNY 500 billion.Anyang Group has been planning ownership reform after China called for further consolidation of its mammoth ferrous sector. It signed a letter of intent with Jiangsu-based private steelmaker Shagang Group in May 2021, before the local government decided on a public listing of its 80% stake last November.Jiangxi Fangda, which also owns Shanghai-listed Fangda Special Steel, has capacity to make around 20 million tonnes of steel products per year.
