Reportedly, China's top steelmaker Baosteel had decided to sell its relevant assets of stainless steel and special steel division, with a purpose to optimize the assets structure of the big steelmaker.
According to the report, the transaction price is RMB45.192 billion. The group company will pay cash RMB22.692 billion and the left amount will be paid equally in 5 years.
With the spin-off of stainless and special steel business, the company expects to focus on the most competitive carbon steel business, consolidate and strengthen the leading position of the carbon steel products in domestic market