Guangdong Province-based Chinese steelmaker SGIS Songshan Co., Ltd (SGIS Songshan), a subsidiary of Guangdong-based steel producer Shaoguan Iron and Steel Co., Ltd (SGIS), has announced that it has decided to terminate its major assets reorganization plan of selling all its steel business assets and acquiring financial business assets belonging to Chinese steelmaker Baosteel.
SGIS Songshan stated that the acquisition of Baosteel’s financial business assets involved in many restrictions from the financial industry’s regulatory policies. Due to the difficulties involved, SGIS Songshan has decided to terminate its assets reorganization plan.