Shanghai Meishan Iron and Steel Co., Ltd., known as Meishan Iron and Steel, or Meisteel or Meigang () is a second-tier subsidiary of

Baowu 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 ...

(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 Nanjing (; , Mandarin pronunciation: ), alternately romanized as Nanking, is the capital of Jiangsu province of the People's Republic of China. It is a sub-provincial city, a megacity, and the second largest city in the East China region. T ...

. 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.

History

Meishan Iron & Steel

The steel plant at , in

Yuhuatai District Yuhuatai District () is one of 11 districts of Nanjing, the capital of Jiangsu province, China. Geography Yuhuatai District is located in the south of the main city of Nanjing, in the lower reaches of the Yangtze River, bordering Jiangning Distr ...

was founded in 1969 by the Shanghai Government. The mine became a quasi-

exclave An enclave is a territory (or a small territory apart of a larger one) that is entirely surrounded by the territory of one other state or entity. Enclaves may also exist within territorial waters. ''Enclave'' is sometimes used improperly to deno ...

of Shanghai. In 1984, the steel plant and related industries became Shanghai Meishan Metallurgical Corporation (). 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. (). The company became a subsidiary of

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 ...

in 1998. Meishan Iron and Steel was listed as one of the 512 most 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, in the iron and steel industry segment that consist of 47 companies. The company was re-incorporated in 2001 () by debt-to-equity swap. In 2004, Baosteel Group floated Meishan Iron & Steel at

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 ...

by selling 74.01% shares of Meishan Iron & Steel to its listed subsidiary

Baoshan Iron and Steel 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 ...

, for a valuation of ( total value times 74.01% shares). The deal was completed in 2005. In 2008, Meishan Iron & Steel signed a contract with

Praxair Praxair, Inc. was an American worldwide industrial gases company. Founded in 1907, Praxair was the largest industrial gases company in North and South America, and the third-largest worldwide by revenue. In 2018 it merged with Linde AG to form ...

to build two more new air separation plants in Meishan. In 2018, it was announced that the steel plant of the company would be relocated to

Yancheng Yancheng () is a prefecture-level city in northeastern Jiangsu province of China, province, People's Republic of China. As the city with the largest jurisdictional area in Jiangsu, Yancheng borders Lianyungang to the north, Huai'an to the west, ...

Jiangsu Jiangsu (; ; pinyin: Jiāngsū, Postal romanization, alternatively romanized as Kiangsu or Chiangsu) is an Eastern China, eastern coastal Provinces of the People's Republic of China, province of the China, People's Republic of China. It is o ...

Province in the 2020s.

Former Shanghai Meishan Group

"Shanghai Meishan (Group) Co., Ltd." () was the holding company of Meishan Iron & Steel and other subsidiaries. It was founded in 1994. Meishan Group merged with

in 1998. The assets of Meishan Group were absorbed by "Baosteel Group Shanghai Meishan Co., Ltd." () some time later. After the partial demerger in 2004, Baosteel Group Shanghai Meishan Ltd. still owned Shanghai Meishan Mining (, incorporated in 1995) the mining company in the unlisted portion of the conglomerate. The company became part of "Nanjing Meishan Metallurgical Development" (), a subsidiary of "Baosteel Group Shanghai Meishan Co., Ltd." in 2010. As at 31 December 2015, "Baosteel Group Shanghai Meishan Co., Ltd." had net assets of just , much smaller in size than its sister company Meishan Iron and Steel.

Shareholders

(77.04%) * a wholly owned subsidiary of

China Development Bank The China Development Bank (CDB) () is a development bank in the People's Republic of China (PRC), led by a cabinet minister at the Governor level, under the direct jurisdiction of the State Council. As one of three policy banks in China, it ...

(9.14%) *

China Orient Asset Management China Orient Asset Management Co., Ltd. is a Chinese state-owned enterprise. The company is an asset management company and a merchant bank originated as a bad bank for the Bank of China. The bank received shares from debt-to-equity swap of no ...

(7.02%) * a subsidiary of the Government of Nanjing (6.80%)

Data

References

External links

Official website of Baoshan Iron and Steel Co., Ltd.

Official website of Baosteel Group Shanghai Meishan Co., Ltd.
{{authority control Chinese companies established in 1990 Steel companies of China Manufacturing companies based in Nanjing China Orient Asset Management Baowu Companies owned by the provincial government of China Government-owned companies of China 1990 establishments in China