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Meishan Iron and Steel
Chinese iron and steel manufacturing company From Wikipedia, the free encyclopedia
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Shanghai Meishan Iron and Steel Co., Ltd., known as Meishan Iron and Steel, or Meisteel or Meigang (Chinese: 梅钢) is a second-tier subsidiary of Baowu (formerly known as Baosteel Group) and a first-tier subsidiary of listed company Baoshan Iron and Steel Co., Ltd. (Baosteel). The company was based in Nanjing.
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In 2004, Baosteel Group decided to inject Shanghai Meishan Iron and Steel Co., Ltd. to fellow subsidiary Baoshan Iron and Steel Co., Ltd., which is also a listed company.
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Meishan Iron & Steel
The steel plant at Meishan Iron Mine, in Yuhuatai District, Nanjing was founded in 1969[3][4] by the Shanghai Government. The mine became a quasi-exclave of Shanghai. In 1984, the steel plant and related industries became Shanghai Meishan Metallurgical Corporation (Chinese: 上海梅山冶金公司).[5] The company was registered in the Government of Nanjing in 1990.
In 1994, a new holding company was formed for Meishan Group, which the mine was spin-off from Meishan Metallurgical Corporation in 1995, while the iron and steel company became Shanghai Meishan Iron and Steel Co., Ltd. (Chinese: 梅山钢铁有限公司).
The company became a subsidiary of Baosteel Group in 1998.[6] Meishan Iron and Steel was listed as one of the 512 most important state-owned enterprises in 1997, in the iron and steel industry segment that consist of 47 companies.[7]
The company was re-incorporated in 2001 (Chinese: 上海梅山钢铁股份有限公司) by debt-to-equity swap. In 2004, Baosteel Group floated Meishan Iron & Steel at Shanghai Stock Exchange[8][9] by selling 74.01% shares of Meishan Iron & Steel to its listed subsidiary Baoshan Iron and Steel, for a valuation of CN¥5.469 billion (CN¥7.389 billion total value times 74.01% shares). The deal was completed in 2005.[10]
In 2008, Meishan Iron & Steel signed a contract with Praxair to build two more new air separation plants in Meishan.[11]
In 2018, it was announced that the steel plant of the company would be relocated to Yancheng, Jiangsu Province in the 2020s.[12]
Former Shanghai Meishan Group
"Shanghai Meishan (Group) Co., Ltd." (Chinese: 上海梅山(集团)有限公司) was the holding company of Meishan Iron & Steel and other subsidiaries. It was founded in 1994.[5] Meishan Group merged with Baosteel Group in 1998.[6][8] The assets of Meishan Group were absorbed by "Baosteel Group Shanghai Meishan Co., Ltd." (Chinese: 宝钢集团上海梅山有限公司) some time later. After the partial demerger in 2004, Baosteel Group Shanghai Meishan Ltd. still owned Shanghai Meishan Mining (Chinese: 上海梅山矿业有限公司, incorporated in 1995) the mining company in the unlisted portion of the conglomerate. The company became part of "Nanjing Meishan Metallurgical Development" (Chinese: 南京梅山冶金发展有限公司), a subsidiary of "Baosteel Group Shanghai Meishan Co., Ltd." in 2010. As of 31 December 2015, "Baosteel Group Shanghai Meishan Co., Ltd." had net assets of just CN¥1.366 billion,[13] much smaller in size than its sister company Meishan Iron and Steel.
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Shareholders
- As of 31 December 2014[2]
- Baoshan Iron and Steel (77.04%)[14]
- a wholly owned subsidiary of China Development Bank (9.14%)
- China Orient Asset Management (7.02%)
- a subsidiary of the Government of Nanjing (6.80%)
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