Nanjing Iron & Steel Group Co., Ltd. signed an agreement to acquire 93.3% stake in Suqian Nangang Jinxin Steel Rolling Co., Ltd. from Nanjing Iron & Steel Co., Ltd. (SHSE:600282) for approximately CNY 330 million on December 22, 2020. Under the terms of transaction, Nanjing Iron & Steel Co will pay 30% of the transfer price within 5 days of signing of contract and 50% of consideration amount will pay in next 5 working days of completion and remaining 20% Within 6 months from the transfer completion date. Nanjing Iron & Steel Co., Ltd. received CNY 273.5 million as of December 25, 2020. As of September 30, 2020, the Suqian Nangang had total assets of CNY 742 million. For Year ended December 31, 2019, Suqian Nangang had revenue and net profit as CNY 1.7 billion and CNY 55.4 million respectively. The transaction is approved by the Board of Directors of Nanjing Iron & Steel Co., Ltd on December 22, 2020.