On September 12 this year, Beijing-based Chinese steelmaker Shougang Iron and Steel Co. (Shougang) announced that its controlling shareholder Beijing-based Chinese steelmaker Shougang Group (Shougang Group) planned to initiate a major assets reorganization. Due to uncertainties involved, trading of Shougang’s shares are suspended as of September 13.
Shougang stated that the suspension of trading of its shares is to avoid abnormal fluctuations in its share price and protect the interest of its investors. Shougang added that it will decide the specific content of the reorganization plan as soon as possible and will keep the public informed of progress within ten working days as of the day of suspension.