China's Ansteel to hold majority stake in Lingsteel Group

Ansteel Group (Ansteel), China's second-largest steel producer after China Baowu Group, is about to welcome a new member Lingsteel Group, a maker of mostly long steel products based in Northeast China's Liaoning province, Mysteel Global has learned from an announcement released by Lingyuan Iron & Steel Co., the Shanghai-listed arm of Lingsteel Group, on October 10.

The State-owned Assets Supervision and Administration Commission of Liaoning's Chaoyang city (Chaoyang SASAC), which holds a 41% stake in Lingsteel Group and is entrusted to exercise the corresponding voting rights for the 10% equity stake held by the Liaoning Provincial Department of Finance, will transfer 7% of Lingsteel Group's