Shandong Iron and Steel (SHA:600022) controlling subsidiary Metallurgical Ecology applied for bankruptcy liquidation after years of insolvency.
The unit, which has ceased operations, reported total assets of only 91,200 yuan against liabilities exceeding 33.8 million yuan as of October.
Once the court accepts the filing, the subsidiary will be removed from the group's consolidated statements, a move expected to boost Shandong Iron & Steel's net profit by about 15.9 million yuan.
Shares of the steel company closed 3% lower Friday.
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