Chongqing-based Chinese steel producer Chongqing Iron & Steel Co. (Chongqing Steel) has announced that its controlling shareholder Chongqing Steel Group has pledged a further 95 million restricted shares of the company to the Export-Import Bank of China (EIBC). The pledge in question will provide an additional guarantee for Chongqing Steel’s loan of RMB 860 million ($131.94 million) from EIBC contracted in June 2015.
Chongqing Steel Group has a total of 2.096 billion of shares in Chongqing Steel, accounting for 47.27 percent of its capital stock, while it has pledged a total of 952 million of shares to date, accounting for 21.46 percent of its capital stock.