Changcheng Special Steel formally merged into Panzhihua Steel

摘要

On Nov. 20th, Sichuan Changcheng Special Steel (Group) Co., Ltd. was formally merged into Panzhihua Iron & Steel Group Co., sources from the company said last Friday. Panzhihua Iron & Steel Group Co. is one of the largest steel giants in China and largest vanadium and titanium producer in the world. Currently, the crude steel production in Panzhihua Steel has reached 5.30 million tpy with the total asset totaling more than 30 billion yuan. Sichuan Special Steel (Group) Co., Ltd., founded in 1965, was stuck in the red almost for all the time. By this July, the company's net asset was over 5.3 billion yuan with the total debt almost 2.5 billion yuan.