Industry Steel manufacturing Headquarters Nanjing, China Founded 2003 | Traded as SSE: 600282 Area served China Revenue 22.25 billion CNY (2015) | |
Operating income Profit (CN¥2.432 billion) (2015) Stock price 600282 (SHA) CN¥ 3.80 -0.04 (-1.04%)20 Mar, 3:00 PM GMT+8 - Disclaimer Founder Nanjing Iron and Steel Group | ||
Nanjing Iron and Steel Co., Ltd. (NISCO) is a publicly traded steel maker based in Nanjing, Jiangsu Province, China. The parent company of NISCO is Nanjing Nangang Iron and Steel United Co., Ltd. (Chinese: 南京南钢钢铁联合有限公司), a joint venture of Hong Kong listed company Fosun International (the stake was jointly held by Fosun International and its subsidiaries) and Chinese state-owned enterprise Nanjing Iron and Steel Group in a 60–40 ratio.
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NISCO involves the pressing and smelting of ferrous metals and sales of steel materials. It operated the widest slab caster in the world, 3250mm wide x 150mm thick, as well as a more conventional caster at 2,300mm wide x up to 260mm thick and a multi strand bloom caster.
NISCO is a constituent of SSE 380 Index.
According to World Steel Association (Chinese companies data was provided by China Iron and Steel Association), the corporation was ranked the 45th in 2015 the world ranking by production volume (8.590 million metric tons).
History
The steel plant in Nanjing was founded in 1958. In 1999 Nanjing Iron and Steel Group spin-off the steel plant and incorporated Nanjing Iron and Steel Co., Ltd. (NISCO). The company became a publicly traded company in 2000 on the Shanghai Stock Exchange, despite the parent company still owned 70.95% stake. In 2003 the parent company formed a joint venture Nanjing Iron and Steel United (Chinese: 南京钢铁联合有限公司) with a consortium of civilian-run enterprises: Fosun High Technology and its parent company Guangxin Technology (Chinese: 广信科技). The stake of NISCO that held by Nanjing Iron and Steel Group was injected to Nanjing Iron and Steel United as capital. After the deal, Nanjing Iron and Steel Group owned 40% stake of Nanjing Iron and Steel United, Fosun High Technology (and its subsidiary) owned 50% and Guangxin Technology owned 10%. The parent company of Fosun High Technology was later changed to Hong Kong listed company Fosun International, which also acquired the stake from Guangxin Technology. (However, it was still controlled by the shareholder of Guangxin Technology)
In 2009, a new intermediate holding company Nanjing Nangang Iron and Steel United Co., Ltd. (Chinese: 南京南钢钢铁联合有限公司, known as Nanjing Nangang or (Chinese: 南钢联; literally: "Nangang United"), SSE: 122983 for their bond) was incorporated, Nanjing Iron and Steel United became its wholly owned subsidiary, while Nanjing Iron and Steel United owned 62.69% stake of NISCO at that time. It was followed by Baosteel Group for just 2.42% stake. In 2010, NISCO acquired some assets (themselves were under a wholly owned subsidiary Chinese: 南京南钢产业发展有限公司) from the parent company, as those businesses were classified as related parties but the listed company had business relation with them. NISCO paid the parent company in an all-share deal, making Nangang United owned 83.78% stake of the listed company. As at 31 December 2015, Nangang United had disinvested NISCO to just 48.19%. On 31 December 2015, Fosun International also appointed Nanjing Iron and Steel Group as its proxy for 10% stake of Nangang United, making Nangang United was classified as a joint venture and not consolidated in Fosun International's consolidated financial statements, while Nanjing Iron and Steel Group regained the controlling status on the publicly traded company.
As at 31 December 2014, NISCO had a total assets of CN¥39.538 billion, comparing to Nangang United's CN¥41.273 billion. The net assets (excluding minority interests) were CN¥8.558 billion and CN¥8.344 billion respectively.