On November 14, Hunan Province-based Chinese steelmaker Valin Group announced that it has decided to transfer 100 percent of shares of its subsidiary Valin Coking Co. to Hunan-based Chinese steelmaker Xiangtan Iron and Steel Group for a consideration of RMB 666 million ($108.9 million).
Valin Group also announced the financial results of its subsidiary Hunan Valin Iron & Steel Co. (Hunan Valin Steel) for the third quarter and first nine months of the current year. In the third quarter, Valin Steel saw a net profit of RMB 108 million ($17.65 million), up 108.72 percent year on year. In the January-September period of the current year, Valin Steel registered a net loss of RMB 275 million ($45.12 million), up 89.22 percent year on year, while its operating revenue totaled RMB 43.598 billion ($7.15 billion), down 5.73 percent year on year.
