Angang Steel Co ( (HK:0347) ) has issued an update.
Angang Steel Co announced the formation of a joint venture with Bengang Steel Plates, named Green Gold (Benxi) Recycling Resources Co. Ltd., to be established in Benxi City, Liaoning Province. This joint venture will focus on renewable resources processing, recycling, and sales, including scrap metal and non-metallic waste. The venture, with a registered capital split of 49% from Green Gold and 51% from Bengang Steel Plates, is a connected transaction under Hong Kong’s Listing Rules, requiring reporting and announcement but exempt from certain other requirements. The initiative is expected to enhance Angang Steel’s capabilities in recycling and resource management, potentially strengthening its market position in the renewable resources sector.
More about Angang Steel Co
Angang Steel Co is involved in the steel industry, focusing on products such as steel plates and other related steel products. The company operates within the Chinese market and is indirectly controlled by Angang Group Company, which holds a significant equity interest.
YTD Price Performance: 6.01%
Average Trading Volume: 150
Technical Sentiment Signal: Buy
Current Market Cap: $2.97B
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