Xinjiang Ba Yi Iron and Steel Co., Ltd. known as Ba Yi Iron & Steel or 8 1 Iron & Steel or August 1 Iron & Steel or BYIS or Bagang () or Basteel, is a Chinese steel maker based in

Ürümqi Ürümqi ( ; also spelled Ürümchi or without umlauts), formerly known as Dihua (also spelled Tihwa), is the capital of the Xinjiang Uyghur Autonomous Region in the far northwest of the People's Republic of China. Ürümqi developed its ...

Xinjiang Xinjiang, SASM/GNC: ''Xinjang''; zh, c=, p=Xīnjiāng; formerly romanized as Sinkiang (, ), officially the Xinjiang Uygur Autonomous Region (XUAR), is an autonomous region of the People's Republic of China (PRC), located in the northwest ...

. The company was a second-tier subsidiary of China Baowu Steel Group, via Ba Yi Iron and Steel Group (now known as "Baosteel Steel Group Xinjiang Ba Yi Iron and Steel Co., Ltd."). The rest of the shares of the company float in

Shanghai Stock Exchange The Shanghai Stock Exchange (SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock Exc ...

. Xinjiang government is the minority shareholder of the holding company: Ba Yi Iron and Steel Group.

History

Ba Yi Iron and Steel Group

The steel plant in Ürümqi () was founded in 1951 by the

People's Liberation Army The People's Liberation Army (PLA) is the principal military force of the People's Republic of China and the armed wing of the Chinese Communist Party (CCP). The PLA consists of five service branches: the Ground Force, Navy, Air Force, ...

(PLA). It was named "8 1" based on the date of the establishment of PLA on 1 August 1927. It was one of the 18 small-sized steel plants established in 18 provinces of China. Ba Yi Iron and Steel was one of the 512 important

state-owned enterprise A state-owned enterprise (SOE) is a Government, government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn Profit (econom ...

s in 1997. (1 of 47 iron and steel industry) It became a limited company after the marketization of China. A subsidiary was incorporated in 2000 to float the main steel manufacturing business in the stock exchange. In 2007 Ba Yi Iron and Steel Group was renamed from "Xinjiang Ba Yi Iron and Steel Group Co., Ltd." () to "Baosteel Group Xinjiang Ba Yi Iron and Steel Co., Ltd." ().

Baosteel Group China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. The company was formed by Baosteel Group absorbing its smaller state-owned pe ...

acquired 69.56% stake of the company by injecting new share capital into the group (for ), diluting the stake of the State-owned Assets Supervision and Administration Commission (SASAC) of the People's Government of Xinjiang Uyghur Autonomous Region to 15%. Xinjiang SASAC also transferred their stake to their wholly owned subsidiary "Xinjiang Investment Development (Group) Co., Ltd." () in the same year. In 2014 Ba Yi Iron and Steel Group was recapitalized again. The other shareholders of the group was

China Huarong Asset Management China Huarong Asset Management Co., Ltd. known as just China Huarong () is a majority state-owned financial asset management company in China, with a focus on distressed debt management. It was one of the four asset management companies that the ...

for 7.95% stake and "Xinjiang Uyghur Autonomous Region Financing Guarantee Co., Ltd." () for 0.12% stake.

Ba Yi Iron and Steel
hare Hares and jackrabbits are mammals belonging to the genus ''Lepus''. They are herbivores, and live solitarily or in pairs. They nest in slight depressions called forms, and their young are able to fend for themselves shortly after birth. The ge ...
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Xinjiang Ba Yi Iron and Steel Co., Ltd. () was incorporated in 2000. In 2002 the shares were floated in
Shanghai Stock Exchange The Shanghai Stock Exchange (SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock Exc ...
.

References

External links

* Steel companies of China Baowu Companies based in Xinjiang Ürümqi Companies owned by the provincial government of China Chinese companies established in 1995 Manufacturing companies established in 1959 1959 establishments in China Chinese brands {{China-company-stub