Anhui Province-based Chinese steelmaker Maanshan Iron and Steel Co. (Masteel) has announced that it plans to sell some non-steel assets to its parent company Maanshan Iron and Steel Group for the purpose of optimizing asset structure, enhancing asset operating efficiency, reducing financial costs and improving profitability.
The assets to be sold are all assets relating to non-steel business, including stakes held by Masteel in some non-steel subsidiaries of Maanshan Iron and Steel Group as well as related assets of Masteel's affiliated non-steel companies.
The total net value of the assets to be sold amounts to no more than 20 percent of Masteel's net asset value at the end of the latest financial year.
Maanshan Iron and Steel Group has a 50.47 percent stake in Masteel.
