Baoshan Iron&Steel Co.,Ltd. Signs New Agreement for 49.6 Billion Yuan Steel Project Implementation

Deep News09-16

On September 16, 2025, a signing ceremony for the strategic cooperation framework agreement between Ma'anshan Municipal Government and Baoshan Iron&Steel Co.,Ltd. was held. The ceremony was attended by Yuan Fang, Secretary of the Municipal Party Committee, Jiang Yuxiang, General Legal Counsel of China Baowu Steel Group Corporation Limited and Party Secretary and Chairman of Magang (Group) Holding Co., Ltd., and Liu Baojun, General Manager and Deputy Party Secretary of Baoshan Iron&Steel Co.,Ltd. Municipal leaders Xia Yingfeng, Fang Wen, and Que Fangjun, along with relevant officials from Magang (Group) Holding Co., Ltd. and Baoshan Iron&Steel Co.,Ltd., participated in the ceremony.

Previously, on August 27, Baoshan Iron&Steel Co.,Ltd. issued an announcement stating that the board of directors approved the "Proposal on Investment and Construction of Baosteel Seamless Steel Pipe Premium Base Project (Phase I) and Establishment of Wholly-owned Subsidiary." To implement the strategic plan of developing premium long steel products as the company's third major strategic product, strengthen the strategic layout of steel pipe and long steel products domestically, fill gaps in medium-diameter seamless steel pipe specifications, and enhance Baosteel's steel pipe competitiveness, Baoshan Iron&Steel Co.,Ltd. will increase capital in its wholly-owned subsidiary Baosteel Tube Technology Co., Ltd. by 30.85 billion yuan in cash. Baosteel Tube Technology will then establish Baosteel Steel Pipe (Ma'anshan) Technology Co., Ltd. (tentative name) as a wholly-owned subsidiary with 30.85 billion yuan in cash and implement the Baosteel Seamless Steel Pipe Premium Base Project (Phase I), with a total project investment of 49.6 billion yuan (including taxes). All directors unanimously approved this proposal.

Baosteel Tube Technology Co., Ltd. was established on May 19, 2023, as a joint investment between Baoshan Iron&Steel Co.,Ltd. and Inner Mongolia Baotou Steel Union Co., Ltd., dedicated to promoting high-quality development in China's steel pipe industry. The company had a registered capital of 61.85 billion yuan, with Baoshan Iron&Steel Co.,Ltd. holding 74.91% and Baotou Steel Union holding 25.09%. After establishment, the company acquired a 19.20% stake in Baotou Steel Pipe for approximately 1 billion yuan in cash, ultimately holding 49% of its shares, aiming to create a specialized leading enterprise in the seamless steel pipe sector.

By the end of 2024, Baosteel Tube Technology Co., Ltd. underwent industrial and commercial changes, with the original shareholder Baotou Steel Union exiting, and the registered capital reduced from approximately 62.4 billion yuan to approximately 35.9 billion yuan. The company is currently 100% controlled by Baoshan Iron&Steel Co.,Ltd. As of May 2025, the company's legal representative is Guo Xiaolong.

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