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Pangang officially takes over Chinalco Shenyang Nonferrous Metal Processing Co., Ltd.

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July 17, 2024, 3:30 PM

On July 16, the signing ceremony for the transfer of property rights of Chinalco Shenyang Nonferrous Metal Processing Company Limited (referred to as Chinalco Shenjia) to Panzhihua, a subsidiary of Angang Group, was held in Chinalco Shenjia in Shenyang City, marking the formal implementation of the professional integration of Angang Group and Chinalco Group, and Chinalco Shenjia became a wholly-owned subsidiary of Panzhihua Steel.


Du Sihong, member of the Standing Committee of the Party Committee and Deputy General Manager of Panzhihua Steel, attended the signing ceremony on behalf of Panzhihua Steel, signed the summary transfer list, and put forward requirements for the next step of work. Huang Wei, General Manager of the Capital Operation Department of Chinalco Group, attended the signing ceremony on behalf of Chinalco Group, signed the summary transfer list, and expressed best wishes for the future development of Chinalco Shenjia.

At the signing ceremony, the person in charge of the Industrial Development Department of Panzhihua Steel read out the "Reply from the State-owned Assets Supervision and Administration Commission of the State Council on Matters Related to the Free Transfer of State-owned Equity of Chinalco Shenyang Nonferrous Metals Processing Co., Ltd." and agreed to hold Chinalco Group starting from April 1, 2024. The 100% state-owned equity of Chinalco Shenjia will be transferred to Panzhihua Steel free of charge.

Du Sihong pointed out that the integration of Chinalco Shenjia into Panzhihua is a concrete practice for central enterprises to thoroughly implement General Secretary Xi Jinping's important exposition on accelerating the construction of world-class enterprises and implement the State-owned Assets Supervision and Administration Commission of the State Council on strategic reorganization and professional integration requirements. Promoting the high-quality development of Panzhihua Iron and Steel's titanium industry is of great significance and opening a new chapter for the development of Chinalco Shenjia. In accordance with the unified deployment of Angang Group, Panzhihua will promote Chinalco Shenjia to turn losses into profits through measures such as financial support, resource coordination, product structure adjustment, and equipment upgrading, gradually achieve sustainable development and high-quality development, and become Panzhihua's titanium metal industry. An important production base in Northeast China.

Huang Wei said that because the titanium metal business is not a dominant industry of Chinalco Group, it is difficult to provide strong support to Chinalco Shenjia. To this end, Chinalco Group joined hands with Angang Group to implement professional integration of Chinalco Shenjia. It is believed that under the leadership of Angang Group and the professional operation of Panzhihua Iron and Steel Co., Ltd., the core competitiveness of Chinalco Shenjia will be further enhanced, and it will surely create greater value for shareholders, employees, local governments and other stakeholders, and become a more excellent titanium metal company.

Relevant persons in charge of Panzhihua Steel Industrial Development Department and Panzhihua Steel Vanadium Company, relevant persons in charge of Chinalco Group, Chinalco High-end, and Chinalco Shenjia attended the signing ceremony. Representatives of all parties signed personnel, creditor's rights and debts, assets, files, licenses and seals, etc. Transfer list.