[Ferro-Alloys.com] 

Recently, Daming International Holdings Co., Ltd. issued a notice that the company learned that China Baowu has acquired a 51% stake in Taiyuan Iron and Steel and the acquisition has been completed. Before the acquisition was completed, Daming International held about 8.33% and 8.33% respectively by China Baowu and Taigang stainless Steel.After the acquisition, Taiyuan Iron and Steel has become a subsidiary of China Baowu, which has become a major shareholder of Daming, which holds about 16.66 percent of Daming.

According to the listing rules, China Baowu has become the core link of Daming International. On February 22, the controlling shareholder of Daming International, Lianhao Group Co., Ltd., China Baowu and other related parties held a total of about 81.22% of Daming International's rights and interests, so that Daming International's public holdings fell to about 18.78%, lower than the minimum percentage stipulated in Article 8.08 of the listing rules. 

Daming International said that although the decline in public ownership is not within the company's control, the company will take appropriate measures to ensure that public ownership is restored to a minimum percentage as soon as possible.

It is understood that in 2020, Daming international stainless steel sales volume of 1.9213 million tons, an increase of 4.9%, processing capacity of 2.7943 million tons, an increase of 5.3% over the same period last year. Carbon steel sales of 2.6691 million tons, a decrease of 1.4%, processing capacity of 3.1318 million tons, an increase of 3.9%.