Wuhan Iron and Steel Co., Ltd.

Wuhan Iron and Steel Co., Ltd.
subsidiary
Traded as SSE: 600005 (former code)
Industry Iron and steel
Founded
  • 1955 (predecessor)
  • 1997 (incorporation)
Headquarters Wuhan, China
Area served
 China
Revenue Decrease CN¥58.338 billion (2015)
Decrease (CN¥7.935 billion) (2015)
Decrease (CN¥7.515 billion) (2015)
Total assets Decrease CN¥94.456 billion (2015)
Total equity Decrease CN¥28.291 billion (2015)
Owner Baoshan Iron & Steel (100%)
Parent
Baoshan Iron & Steel(direct)
Baowu Steel Group(intermediate)
SASAC(intermediate)
State Council(ultimate)
Website wggf.wisco.com.cn
Footnotes / references
in consolidated financial statement[1]
Wuhan Iron and Steel Company Limited
Simplified Chinese 武汉钢铁有限公司
Traditional Chinese 武漢鋼鐵有限公司
Hanyu Pinyin Wǔhàn gāngtiě yǒuxiàn gōngsī
Alternative Chinese name
Simplified Chinese 武钢有限
Traditional Chinese 武鋼有限
Hanyu Pinyin Wǔgāng yǒuxiàn
Literal meaning Wu[han] Steel Limited
Second alternative Chinese name
Simplified Chinese 武钢股份
Hanyu Pinyin Wǔgāng gǔfèn

Wuhan Iron and Steel Co., Ltd. known as WISCO (and formetly WGGF, abb. of pinyin: Wǔgāng gǔfèn), is a subsidiary of listed steel maker Baoshan Iron and Steel; Wuhan Iron and Steel Co., Ltd. was a subsidiary of state-owned 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.

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,[2] 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.[3]

Stock market

Wuhan Iron and Steel Co., Ltd. was a component of SSE 50 Index, which was removed in 2011.[4] In 2015, the company was added to CSI 300 Index.[5] The company was a component CSI 300 Index and its sub-index CSI 100 Index, which was removed from the both indexes in 2013.[6]

References

  1. ↑ "2015年年度报告" [2015 Annual Report] (PDF). Wuhan Iron and Steel Co., Ltd. (in Chinese). Shanghai Stock Exchange. 26 April 2016. Retrieved 21 April 2017.
  2. ↑ "China’s Top Steel Mills Step Closer to Creating Arcelor Rival". Bloomberg. 21 September 2016. Retrieved 3 October 2016.
  3. ↑ "武汉钢铁(集团)公司关于化解过剩产能实施脱困发展的公告" (PDF). Wuhan Iron and Steel Corporation. 7 July 2016. Retrieved 3 October 2016.
  4. ↑ "Adjustment list for SSE 180, SSE 50, SSE 380 and other SSE index". Shanghai Stock Exchange. 13 June 2011. Retrieved 3 October 2016.
  5. ↑ "上证180、上证50、沪深300和中证100等指数调整样本股" (Press release) (in Chinese). China Securties Index. 1 June 2015. Retrieved 12 July 2017.
  6. ↑ "关于调整沪深300和中证香港100等指数样本股的公告" (Press release) (in Chinese). China Securties Index. 2 December 2013. Retrieved 12 July 2017.
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