On June 28, Shandong Province-based Chinese steelmaker Shandong Iron & Steel Group Co., Ltd (Shandong Steel Group) announced that it has decided to invest a further RMB 700 million ($105.42 million) in its subsidiary Shandong Iron & Steel Group Financial Co., Ltd (Shandong Steel Group Financial).
Shandong Steel Group Financial was established in February 2012 with an overall registered capital of RMB 1.6 billion ($0.24 billion). In particular, Shandong Steel Group invested RMB 1.08 billion ($0.16 billion) of this total, Shandong Iron and Steel Co. Ltd invested RMB 170 million ($25.60 million), while Shandong Jinling Mining Co. Ltd and Jinan Iron & Steel Co. Ltd, - also subsidiaries of Shandong Steel Group - invested RMB 180 million ($27.11 million) and RMB 170 million ($25.60 million), equivalent to 67.5 percent, 10.625 percent, 11.25 percent and 10.625 percent stakes in Shandong Steel Group Financial, respectively.