Jiangsu Shagang Co., Ltd. (SZSE:002075) agreed to acquire 67% stake in DongBei Special Steel Group Shandong Yinglun Machincal Co.,Ltd. from Dongbei Special Steel Group Co., Ltd. for approximately CNY 350 million on March 15, 2024. The consideration consists of CNY 354.4 million in cash. As part of the consideration, CNY 354.4 million was paid towards common equity.

DongBei Special Steel Group reported total assets of CNY 518.48 million, net assets of CNY 386.02 million, revenues of CNY 257.52 million and net profit of CNY 47.2 million as on December 31, 2023. The transaction was approved by the Board of Directors of Jiangsu Shagang and is subject to its shareholders' approval.