Anhui Province-based Chinese steel producer Ma’anshan Iron and Steel’s subsidiary Changjiang Steel and Zhanjiang Steel entered into the Ironmaking Capacity Replacement Quota Transfer Agreement, pursuant to which Changjiang Steel transferred 550,000 tonnes of ironmaking capacity to Zhanjiang Steel and the Company entered into the Steelmaking Capacity Replacement Quota Transfer Agreement with Baosteel Special Steel, pursuant to which the Company purchased 280,000 tonnes of steelmaking capacity from Baosteel Special Steel.China Baowu, the controlling shareholder of Magang Group, indirectly holds a total of approximately 53.34% of the Company's shares. Zhanjiang Steel and Baosteel Special Steel are subsidiaries of China BaowuIn September 2018, with the approval of the Anhui Economic and Information Technology Commission, Changjiang Steel implemented a capacity reduction and replacement technical transformation project, i.e. eliminating two 40 tonne converters with a capacity of 1.2 million tonnes and replacing with a 140 tonne electric furnace with a capacity of 1.1 million tonnes and eliminating a 450-cubic-meter blast furnace with a capacity of 550,000 tonnes. The 550,000 tonnes of ironmaking capacity transferred by Changjiang Steel was the eliminated 450-cubic-meter blast furnace with a capacity of 550,000 tonnes.
Anhui Province-based Chinese steel producer Ma’anshan Iron and Steel’s subsidiary Changjiang Steel and Zhanjiang Steel entered into the Ironmaking Capacity Replacement Quota Transfer Agreement, pursuant to which Changjiang Steel transferred 550,000 tonnes of ironmaking capacity to Zhanjiang Steel and the Company entered into the Steelmaking Capacity Replacement Quota Transfer Agreement with Baosteel Special Steel, pursuant to which the Company purchased 280,000 tonnes of steelmaking capacity from Baosteel Special Steel.China Baowu, the controlling shareholder of Magang Group, indirectly holds a total of approximately 53.34% of the Company's shares. Zhanjiang Steel and Baosteel Special Steel are subsidiaries of China BaowuIn September 2018, with the approval of the Anhui Economic and Information Technology Commission, Changjiang Steel implemented a capacity reduction and replacement technical transformation project, i.e. eliminating two 40 tonne converters with a capacity of 1.2 million tonnes and replacing with a 140 tonne electric furnace with a capacity of 1.1 million tonnes and eliminating a 450-cubic-meter blast furnace with a capacity of 550,000 tonnes. The 550,000 tonnes of ironmaking capacity transferred by Changjiang Steel was the eliminated 450-cubic-meter blast furnace with a capacity of 550,000 tonnes.
