Shandong Province-based Chinese steelmaker Shandong Iron & Steel Co., Ltd (Shandong Steel) has announced that its shareholder Shandong Province-based Laiwu Iron and Steel Group Co., Ltd (Laiwu Steel Group) has decided to pledge 760,000,000 shares in Shandong Steel to Shenzhen-based Pingan Securities Company Limited (Pingan Securities) in order to fund its working capital.
Laiwu Steel Group holds a total of 2,355,115,523 shares or a 27.97 percent stake in Shandong Steel, of which 760,000,000 shares or a 9.03 percent stake have been pledged to Pingan Securities.