The equity in Shandong Province-based Chinese steelmaker Rizhao Section Steel held by Shandong Province-based Chinese steelmaker Rizhao Steel Holding Group Co., Ltd has increased from 70 percent to 100 percent, with Rizhao Section Steel becoming the wholly-owned subsidiary of Rizhao Steel Holding Group.
Rizhao Section Steel was set up in 2003, with a registered capital of RMB 100 million, while the scope of business covers the production and sales of bars, medium steel plates, sections and other by-products.
Rizhao Steel Holding Group was also established in 2003, and has an annual steel production capacity of 18.95 million mt, while it is an important production base for high-quality thin steel strip. The company produces hot rolled steel sheet, hot rolled coil, cold-formed sheet, pickled steel sheet, galvanized steel sheet and high-strength H-beams.
Amid the optimization of its shareholding structure, Rizhao Steel Holding Group will further integrate its resources, improve its management efficiency, optimize its product structure and enhance its market competitiveness, which will lay a solid foundation for the realization of its high-quality development goals.