Type subsidiary Headquarters Wuhan, China | Industry Iron and steel Area served China | |
Traded as SSE: 600005 (former code) Founded 1958 (predecessor)
1997 (incorporation) | ||
Wuhan Iron and Steel Co., Ltd. is a subsidiary of Baoshan Iron and Steel; It was a subsidiary of Wuhan Iron and Steel Corporation until 2016. The main business was the steel plant in Qingshan District, Wuhan, while the parent company had transformed from steel making company to holding company and M&A vehicle. Wuhan Iron and Steel Company Limited was a component of SSE 50 Index, which was removed in 2011.
On 21–22 September 2016, a merger between Baosteel Group and Wuhan Iron and Steel Corporation was announced. Wuhan Iron and Steel Company Limited would be takeover by the listed counterpart of Baosteel Group in an all-share deal, while all the rights of Wuhan Iron and Steel Corporation would be transferred to Baosteel Group, as both corporation were supervised by the same entity State-owned Assets Supervision and Administration Commission of the State Council.
On 7 July 2016, after a heavy net loss in 2015, Wuhan Iron and Steel Corporation also announced the group would reduce their production capacity by 4.42 million metric tons, which Wuhan Iron and Steel Company would be cut 1.40 million metric tons, or about 31.7% of the group total.