Hebei Steel's Trusteeship Proposal Approved

The central government has endorsed the plan by Hebei Steel to take over in trust 100 percent of Xuanhua Steel and 53.12 percent of Wuyang Steel. In return, the group will pay one million yuan per annum as trusteeship fees for each of the two companies.

Xuanhua Steel is a producer of wire rod, rebar, small section, narrow strip and welded pipe, while Wuyang Steel's main products comprise heavy plate and super heavy plate.