Ansteel to bring Pangang under its umbrella

BEIJING - Anshan Iron and Steel Group (Ansteel) has received approval from the State-owned Asset Supervision and Administration Commission to bring Pangang Group under its fold, a source familiar with the matter said on Monday.

Angang Steel Co Ltd, the listed unit of Ansteel, is expected to make an official statement in this regard on Tuesday, said Fu Jihui, board secretary of Angang Steel.

Meanwhile, Angang Steel shares were suspended from trading in Hong Kong and Shenzhen on Monday and are expected to resume trading after the announcement.