Shandong Steel reorganized Nippon Steel to the end of February next year

Abstract Open Source Holdings (1215.HK) announced that Shandong Iron and Steel Group (hereinafter referred to as “Shangang”) acquired Rizhao Steel Holding Group Co., Ltd. (hereinafter referred to as “Japan Steel”) failed to be in the last month...

Open Source Holdings (1215.HK) announced that Shandong Iron and Steel Group (hereinafter referred to as "Shangang") acquired Rizhao Steel Holding Group Co., Ltd. (hereinafter referred to as "Japan Steel") failed to complete at the end of last month (Report A2 version of this report) ), will be postponed until the end of February next year to complete.

Open Source Holdings now holds 30%, 30% and 25% of the equity interests of the three core companies of Nippon Steel. Therefore, Nippon Steel is a joint venture of Open Source Holdings. Shangang’s acquisition of Nippon Steel is also disclosed in the form of an open source holding announcement.

According to the announcement of the previous Open Source Holdings, Shangang’s acquisition of Nippon Steel will complete the delivery by November 30 this year. However, at present, the relevant procedures for the acquisition are still in progress and are extended for another three months.

This is already the second extension of Shangang's reorganization of Nippon Steel. The last extension was in September last year, when the two parties signed a restructuring agreement and decided to register the joint venture company within 180 days after the signing of the agreement, but the joint venture company was not established as scheduled. This time, whether Shangang can complete the reorganization before the end of February next year, there are still many variables.

Regardless of the extension of several times, Nippon Steel has always been a "can" that cannot be avoided in the integration of Shandong's steel industry. In late last month, China International Engineering Consulting Co., Ltd. organized an expert group to Shandong to carry out on-site investigations on the evaluation of the steel industry structure adjustment pilot program. One of the important contents was to investigate the location of Rizhao's fine steel base. A person familiar with the matter said that the restructuring of Nippon Steel is a necessary condition for the construction of Rizhao's fine steel base, and Shangang will not give up the acquisition and restructuring of Nippon Steel.

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