Ouye Lianjin Renewable Resources Co., Ltd. announced that it will raise CNY 2,145,000,000 in an equity round of funding on July 19, 2021. The transaction will include participation from returning investor, China Baowu Steel Group Corporation Limited for CNY 200,000,000. Of the total capital increase, CNY 1,172,000,000 will go to the registered capital and CNY 973,000,000 will go to the capital reserve of the company. The registered capital of the company will increase to CNY 2,155,000,000 post closing of the transaction. The transaction has been approved at the forty-sixth meeting of the ninth board of directors of Maanshan Iron & Steel Company Limited.