Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Group (WISCO), the controlling shareholder of Wuhan Iron and Steel Co., Ltd (Wuhan Steel), has announced that it has decided to voluntarily transfer 500 million shares in Wuhan Steel to state-owned Chinese company China Ocean Shipping (Group) Co. (COSCO).
Accordingly, after the transfer of the shares, WISCO will hold 5.82 billion shares in Wuhan Steel, while COSCO will hold 500 million shares, accounting for 57.66 percent and 4.95 percent of the total equity in Wuhan Steel, respectively.