Gansu Jiu Steel Group Hongxing Iron & Steel Sets Up Subsidiary; Shares Jump 4%

MT Newswires Live

11/27

Gansu Jiu Steel Group Hongxing Iron & Steel (SHA:600307) will invest 200 million yuan to set up a new steel materials subsidiary, according to a Thursday filing with the Shanghai bourse.

The subsidiary is set to be named Jiuquan Iron & Steel Group Gansu Hongxing Hongbo New Materials.

The newly-formed company is set to produce steel reinforcement products and metal materials. It will also carry out steel and iron smelting, non-ferrous metal rolling processing, metal cutting processing, and sales of steel materials, among others, the filing said.

Shares jumped 4% during afternoon trading on Thursday.

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