China Baowu and Taiyuan Iron and Steel Group Co., Ltd. carry out joint reorganization: realize the planning target of “100 million tons Baowu”

2020 “Yinhua Fund Cup” Sina bank financial planner competition, hot registration. From now on to September 7, you will receive free gift packages worth more than 700 yuan from Guan Qingyou, Luo Yuanshang, Chen Kaifeng and Jian Qi. < p > < p > the surging news reporter learned from China Baowu iron and Steel Group Co., Ltd. (hereinafter referred to as “China Baowu”), the Central Iron and steel enterprise. On August 21, China Baowu and Shanxi state-owned capital operation Co., Ltd. (hereinafter referred to as “Shanxi state-owned assets operation company”) signed a free transfer agreement, and Shanxi state-owned assets operation company transferred Taiyuan Iron and steel (Group) Co., Ltd. (hereinafter referred to as “Taigang group”) ”）51% of the equity was transferred to China Baowu free of charge. Baowu, China, said that the restructuring is an important measure to implement the Party Central Committee and the State Council on promoting the healthy development of China’s steel industry, further promoting the structural adjustment of the state-owned economy, implementing the supply side structural reform, and speeding up the merger and reorganization of industries with excess capacity, so as to meet the objective requirements of serving the country and strengthening the coordinated development of regional economy International competitiveness of the world’s first-class enterprise group’s key measures. < p > < p > the strategic plan of Baowu of China clearly puts forward that it is necessary to take “becoming the leader of global steel industry” as the vision and strive to create “100 million tons Baowu”. This joint reorganization with TISCO will achieve the planning goal of “100 million tons Baowu”, and enhance the comprehensive competitiveness of Baowu in stainless steel field. < p > < p > China Baowu believes that the joint restructuring will also drive TISCO group to achieve leapfrog development, strengthen the state-owned economy of Shanxi Province, boost the transformation and upgrading of industrial structure in Shanxi Province, promote the cluster development of steel and related industries, and achieve higher quality development. In the afternoon of August 21, Shanxi TISCO Stainless Steel Co., Ltd., a listed company of TISCO group (hereinafter referred to as “TISCO stainless steel”, 000825) also announced the above restructuring matters. According to the announcement, after the transfer, China Baowu will indirectly control 62.70% of Taigang Stainless Steel’s shares through TISCO group, and realize the control of TISCO’s stainless steel. The actual controller of TISCO stainless steel will be changed from the state owned assets supervision and Administration Commission of Shanxi Province to the state owned Assets Supervision and Administration Commission of the State Council. The direct controlling shareholder of TISCO stainless steel remains unchanged and is still TISCO group. < p > < p > China Baowu was formed by the joint reorganization of the former Baosteel Group Co., Ltd. and Wuhan Iron and steel (Group) company. It was founded on December 1, 2016, and is a pilot enterprise of state-owned capital investment company. In 2019, Baowu of China will produce 95.46 million tons of steel, with a total operating revenue of 552.2 billion yuan and a total profit of 34.53 billion yuan. Its business scale and profit level rank first in the world, ranking 111th in Fortune 500. TISCO group is a super large iron and steel complex integrating iron ore mining, steel production, processing, distribution and trade. It is also a global leader in stainless steel industry. It has an annual production capacity of 12.94 million tons of steel (including 4.5 million tons of stainless steel), and can produce three series of products, namely stainless steel, carbon steel and composite plate. The total assets of TISCO group in 2019 is 128.47 billion yuan, the crude steel output is 10.86 million tons, the operating income is 79.7 billion yuan, and the total profit is 3.513 billion yuan.