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Sangang Minguang Terminates Contract With Laiwu Iron & Steel Xinjiang Company
Jan 24, 2019

On 23 January, Fujian Sangang Minguang Co., Ltd (Sangang Minguang) signed an agreement with Laiwu Iron & Steel Xinjiang Co.,Ltd under Shandong Iron & Steel Group (Laiwu Iron & Steel Xinjiang Company) on terminating the transfer of iron & steel  capacity quota.


Sangang Minguang got Laiwu Iron & Steel Xinjiang Company's iron & steel capacity quota, including 1.22 million tons of iron and 1.35 million tons of steel ,at a total price of RMB 1.814 billion through online aucton on 16 November, 2018.


On 29 December, 2018, Laiwu Iron & Steel Xinjiang Company was required by local authorities to resubmit application based on its' actual capactiy quota as it was found cheating, so it decided to withdraw the quota that  was listed for transfer recently. The quota will be quctioned again after the verification process.