Shanghai Baosteel Construction Co., Ltd. Sold to Shanghai Greenland Group

August 2 saw the signing ceremony of Shanghai Baosteel Group Corporation and Shanghai Greenland Group to transfer the property right of Shanghai Baosteel Construction Co., Ltd. to Shanghai Greenland Group at the Friendship Hall. It is a new move taken by Baosteel in consideration of making its main steel business more powerful, optimizing industry configuration, promoting the separation of diversified trades from its main industry by system reforming of diversified trades.

Feng Guoqin, vice mayor of Shanghai, Guo Jianxin, director general of Property Right Bureau of the State-Owned Assets Supervision and Administration Commission of the State Council, Xie Qihua, Liu Guosheng, Zhao Kun and Chen Delin top management of Baosteel participated in the signing ceremony.

Baosteel is approved by the State-Owned Assets Supervision and Administration Commission of the State Council to transfer the ownership of the property right of Shanghai Baosteel Construction Co., Ltd. at Shanghai United Assets and Equity Exchange on April 15. As one of China s top 500 enterprises, Shanghai Greenland Group won the bid on July 20. Baosteel sold 60% of its shares in Shanghai Baosteel Construction Co., Ltd. to Shanghai Greenland Group, meanwhile, it sold the rest 40% (same share at same price) to the former top management of Shanghai Baosteel Construction Co., Ltd.

Madam Xie expressed her gratitude to the contribution made by Shanghai Baosteel Construction Co., Ltd. in a long period of time, she also expressed her congratulation to Shanghai Greenland Group for winning the bid. She said that Baosteel would continue to support the company in terms of project construction in the future.