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China's Tangshan Iron & Steel to delist two affiliates - UPDATE

Posted on: Mon, 29 Dec 2008 19:11:00 EST

Symbols: HDISF

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BEIJING, Dec 30, 2008 (XFN-ASIA via COMTEX) --
HDISF | Quote | Chart | News | PowerRating -- Tangshan Iron & Steel Co Ltd (SZA 000709) said it will
delist two affiliate companies - Handan Iron & Steel Co Ltd (SHA 600001) and
Chengde Xinxin Vanadium and Titanium Co Ltd (SHA 600357).

All the three companies are indirectly controlled by the newly established
Hebei Iron and Steel Group (HBIS), the country's largest steel producer.

In three separate statements filed with the Shanghai and Shenzhen stock
exchanges, they said the consolidation of the two affiliates into Tangshan is an
initial step in a groupwide consolidation of major steel production assets.

Tangshan Steel will buy Handan Steel shares at 4.10 yuan per share, or offer
0.775 of its own shares for every share held by the latter.

It will also buy shares of Chengde Xinxin at 5.76 yuan per share, or offer
1.089 of its shares for every share held in the affiliate.

As a result of the restructuring, all assets, liability and employees of Handan
Steel and Chengde Xinxin will be injected into Tangshan Iron and Steel, and
Tangshan Iron and Steel will become the sole listed unit of HBIS.

The restructuring plan is subject to approval by the state assets regulator and
securities regulator.

HBIS officially started operations in June. It currently have seven steel
production units, including Xuanhua Iron and Steel Group, as well as a joint
venture with Baosteel Group.

According to the statement, HBIS will inject assets of Xuanhua Steel and a
stake in the venture with Baosteel into Tangshan Steel sometime after the
restructuring.

Shares of the three listed firms will all resume trading from today.

Shares of Tangshan Steel, Handan Steel and Chengde Xinxin last traded at 4.55
yuan, 3.76 yuan and 5.5 yuan respectively.

(1 usd = 6.85 yuan)

zachary.wei@xfn.com

MMMM

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