Sinosteel Intends To Withdraw From Liugang Zhongjin Stainless Steel

- Oct 25, 2018 -

On October 25, it was learned from Tianjin Property Rights Exchange Center that Sinosteel Shenzhen Co., Ltd. planned to transfer 4.71% equity of Guangxi Liugang Zhongjin Stainless Steel Co., Ltd. (referred to as “Liugang Zhongjin Stainless Steel”), with a listing price of 75.884 million yuan. Liugang Zhongjin Stainless Steel was established in 2013 with a registered capital of 276 million yuan. Its business scope covers the research and development, production and sales of nickel-iron, nickel alloy, stainless steel and its extended and deep-processed products; import and export of ordinary goods; online sales of laterite nickel Mine, iron ore, high carbon ferrochrome, low carbon ferrochrome, ferronickel, nickel alloy and stainless steel coils.

Guangxi Liuzhou Iron and Steel Group Co., Ltd. holds 95.29%, and Sinosteel Shenzhen Co., Ltd. holds 4.71%. The original shareholder does not give up exercising the right of first refusal, which means that the original shareholder may take over.

According to financial indicators, in 2017, Liugang Zhongjin Stainless Steel's operating income was 3.277 billion yuan, net profit was 226 million yuan, assets totaled 1.634 billion yuan, and net assets were 734 million yuan.

As of August 31, 2018, Liugang Zhongjin Stainless Steel's operating income was 2.267 billion yuan, net profit was 88.855 million yuan, total assets were 1.78 billion yuan, and net assets were 826 million yuan.

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