Panzhihua Steel Unveils Merger Plan

According to a new reorganization plan, Pangang Group Steel Vanadium and Titanium plans to spin off all of its steel-related units worth 11.43 billion yuan while absorbing 10.62 billion yuan worth of assets 100 percent owned by Ansteel Group in Anqian Mining, Ansteel (Hong Kong) Company and Ansteel (Australia) Company. Ansteel Group also promised to inject its iron ore mining and selecting businesses into Pangang V & T in the next five years.