Shangang Group, the third steel company of China's largest steel companies, with China Baowu in the first place and Angang Group after it, is known as the "special steel king".
A share transfer agreement has been made between Fosun International and Nanjing Iron and Steel, the 2 largest iron and steel companies in China. Fosun International signed an agreement to sell 60% of its shares to become a subsidiary of Shangang Group.
According to the data of 2021, if the contract is positive, Nanjing Iron Steel's crude steel production of 11.58 million tons will be combined with Shangang Group's total steel production to reach 55.81 tons.
This will make it the second largest steel company in China, surpassing Anshan Iron and Steel's production of 55.65 million tons.
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