Ansteel restructuring with Pansteel officially

  On July, 29th, the restructuring meeting of Ansteel and Pansteel was held in Beijing. The Ansteel Group becomes the parent firm of Pansteel officially, the central enterprises of iron and steel industry change from four to three.

  In the meeting, the Note on the Restructuring of Ansteel with Pansteel was declared by State Property Management Commission of the State Council. It is specified in the Note, after restructuring, the new established Ansteel Group will be the parent company, the State Property Management Commission of the State Council represents the State Council to perform the duty of contributor. The Ansteel and the Pansteel will all be the wholly-owned subsidiaries of Ansteel Group, and no longer belong to the direct regulation enterprise by  the State Property Management Commission of the State Council.

  The Chairman and General Manager Pan indicates that Ansteel will obey without hesitation the broad strategy and arrangement of Ansteel Group and orient and plan the development of Pansteel Vanadium and Titanium steel within the general strategy of the Ansteel Group. To perfect the strategy of “Yisiwu”, to complete the new undertaking of Ansteel by 3 to 5 years so that make the scale and technology of Vanadium industry the world number one and the Titanium industry scale China number one which have great influence all over the world with iron and steel industry upgrading comprehensively.

  These changes will make the iron and steel industry more standard and benefit the ball mill industry and other series of related industries.