Shanghai Meishan Iron and Steel Co., Ltd., known as Meishan Iron and Steel, or Meisteel or Meigang () is a second-tier subsidiary of

Baowu China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. The company was formed by Baosteel Group absorbing its smaller state-owned p ...

(formerly known as Baosteel Group) and a first-tier subsidiary of listed company Baoshan Iron and Steel Co., Ltd. (Baosteel). The company was based in

Nanjing Nanjing or Nanking is the capital of Jiangsu, a province in East China. The city, which is located in the southwestern corner of the province, has 11 districts, an administrative area of , and a population of 9,423,400. Situated in the Yang ...

. In 2004, Baosteel Group decided to inject Shanghai Meishan Iron and Steel Co., Ltd. to fellow subsidiary Baoshan Iron and Steel Co., Ltd., which is also a listed company.

History

Meishan Iron & Steel

The steel plant at , in Yuhuatai District,

was founded in 1969 by the Shanghai Government. The mine became a quasi-

exclave An enclave is a territory that is entirely surrounded by the territory of only one other state or entity. An enclave can be an independent territory or part of a larger one. Enclaves may also exist within territorial waters. ''Enclave'' is s ...

of Shanghai. In 1984, the steel plant and related industries became Shanghai Meishan Metallurgical Corporation (). The company was registered in the Government of Nanjing in 1990. In 1994, a new holding company was formed for Meishan Group, which the mine was spin-off from Meishan Metallurgical Corporation in 1995, while the iron and steel company became Shanghai Meishan Iron and Steel Co., Ltd. (). The company became a subsidiary of

Baosteel Group China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. The company was formed by Baosteel Group absorbing its smaller state-owned p ...

in 1998. Meishan Iron and Steel was listed as one of the 512 most important

state-owned enterprise A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goo ...

s in 1997, in the iron and steel industry segment that consist of 47 companies. The company was re-incorporated in 2001 () by debt-to-equity swap. In 2004, Baosteel Group floated Meishan Iron & Steel at

Shanghai Stock Exchange The Shanghai Stock Exchange (, SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock ...

by selling 74.01% shares of Meishan Iron & Steel to its listed subsidiary Baoshan Iron and Steel, for a valuation of ( total value times 74.01% shares). The deal was completed in 2005. In 2008, Meishan Iron & Steel signed a contract with

Praxair Praxair, Inc. was an American worldwide industrial gases company. Founded in 1907, Praxair was the largest industrial gases company in North and South America, and the third-largest worldwide by revenue. In 2018 it merged with Linde AG to form ...

to build two more new air separation plants in Meishan. In 2018, it was announced that the steel plant of the company would be relocated to

Yancheng Yancheng (), formerly known as Yandu, is a prefecture-level city in the eastern coastal Jiangsu province, People's Republic of China. As the city with the largest jurisdictional area in Jiangsu, Yancheng borders Lianyungang to the north, Huai' ...

Jiangsu Jiangsu is a coastal Provinces of the People's Republic of China, province in East China. It is one of the leading provinces in finance, education, technology, and tourism, with its capital in Nanjing. Jiangsu is the List of Chinese administra ...

Province in the 2020s.

Former Shanghai Meishan Group

"Shanghai Meishan (Group) Co., Ltd." () was the holding company of Meishan Iron & Steel and other subsidiaries. It was founded in 1994. Meishan Group merged with

in 1998. The assets of Meishan Group were absorbed by "Baosteel Group Shanghai Meishan Co., Ltd." () some time later. After the partial demerger in 2004, Baosteel Group Shanghai Meishan Ltd. still owned Shanghai Meishan Mining (, incorporated in 1995) the mining company in the unlisted portion of the conglomerate. The company became part of "Nanjing Meishan Metallurgical Development" (), a subsidiary of "Baosteel Group Shanghai Meishan Co., Ltd." in 2010. As of 31 December 2015, "Baosteel Group Shanghai Meishan Co., Ltd." had net assets of just , much smaller in size than its sister company Meishan Iron and Steel.

Shareholders

* Baoshan Iron and Steel (77.04%) * a wholly owned subsidiary of

China Development Bank China Development Bank (CDB) is a policy bank of China under the State Council. Established in 1994, it has been described as the engine that powers the national government's economic development policies.

(9.14%) *

China Orient Asset Management China Orient Asset Management Co., Ltd. is a . The company is an asset management company and a merchant bank originated as a bad bank for the Bank of China. The bank received shares from debt-to-equity swap of non-performing loans. It is a sta ...

(7.02%) * a subsidiary of the Government of Nanjing (6.80%)

Data

References

External links

Official website of Baoshan Iron and Steel Co., Ltd.

Official website of Baosteel Group Shanghai Meishan Co., Ltd.
{{authority control Chinese companies established in 1990 Steel companies of China Manufacturing companies based in Nanjing China Orient Asset Management Baowu Companies owned by provincial governments of China Government-owned companies of China 1990 establishments in China 1990 in Nanjing