Shandong Iron and Steel Co. (600022.SH) said on late Wednesday that it will sell some assets in its Jinan Branch to its actual controller Shandong Iron and Steel Group for 12.82 billion yuan.
After the transaction, financial status and business performance of the listed steelmaker will improve, laying a good foundation for its asset structural adjustment and industrial layout in the future, according to its filing to the stock exchange.
During the transaction, the cash payment will not exceed 3.5 billion yuan, said the listed company.
In the first half of 2015, the company turned loss into profit and earned a net profit of about 7.45 million yuan. Its operating revenue during the period fell 15.32 percent year on year to about 23 billion yuan.
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