Maanshan Iron & Steel (HKG:0323, SHA:600808) plans to invest 1 billion yuan to establish a subsidiary, according to a Hong Kong Stock Exchange filing on Dec. 20.
The subsidiary, tentatively named Maanshan Iron & Steel Ltd. Co., will be a steel and iron smelting company located in Maanshan City, China. It will also engage in steel rolling and processing, as well as the production of coking and chemical products, the iron and steel company said in the filing.
Maanshan Iron's Shanghai shares dropped more than 5% in recent trade.
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