Nanjing Iron and Steel Company

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Nanjing Iron and Steel
public
Traded as SSE: 600282
Industry Steel manufacturing
Founded
  • 1958 (predecessor)
  • 18 March 1999 (1999-03-18) (date of incorporation)
Founder Nanjing Iron and Steel Group
Headquarters Nanjing, China
Area served
China
Revenue Increase CN¥22.252 billion (2015)
Decrease (CN¥2.263 billion) (2015)
Profit Decrease (CN¥2.432 billion) (2015)
Total assets Decrease CN¥36.343 billion (2015)
Total equity Decrease CN¥6.306 billion (2015)
Owner
Parent Nanjing Nangang Iron & Steel United
Website www.600282.net
Footnotes / references
in a consolidated basis; equity and profit excluded minority interests; in Chinese Accounting Standards[1]
Nanjing Iron and Steel Co., Ltd.
Simplified Chinese 南京钢铁股份有限公司
Traditional Chinese 南京鋼鐵股份有限公司
Literal meaning Nanjing Steel and Iron Joint-Stock Limited Company
Alternative Chinese name
Simplified Chinese 南钢股份
Traditional Chinese 南鋼股份
Literal meaning Nansteel Joint-Stock
For the National Iranian Steel Company (NISCO), see NISCO (Iran).

Nanjing Iron and Steel Co., Ltd. (NISCO) is a publicly traded steel maker based in Nanjing, Jiangsu Province, China. The parent company of NISCO is Nanjing Nangang Iron and Steel United Co., Ltd. (Chinese: 南京南钢钢铁联合有限公司), a joint venture of Hong Kong listed company Fosun International (the stake was jointly held by Fosun International and its subsidiaries) and Chinese state-owned enterprise Nanjing Iron and Steel Group in a 60–40 ratio.

NISCO involves the pressing and smelting of ferrous metals and sales of steel materials. It operated the widest slab caster in the world,[not in citation given] 3250mm wide x 150mm thick, as well as a more conventional caster at 2,300mm wide x up to 260mm thick and a multi strand bloom caster.[not in citation given][2][3]

NISCO is a constituent of SSE 380 Index.

According to World Steel Association (Chinese companies data was provided by China Iron and Steel Association), the corporation was ranked the 45th in 2015 the world ranking by production volume (8.590 million metric tons).[4]

History[edit]

The steel plant in Nanjing was founded in 1958. In 1999 Nanjing Iron and Steel Group spin-off the steel plant and incorporated Nanjing Iron and Steel Co., Ltd. (NISCO). The company became a publicly traded company in 2000 on the Shanghai Stock Exchange, despite the parent company still owned 70.95% stake. In 2003 the parent company formed a joint venture Nanjing Iron and Steel United (Chinese: 南京钢铁联合有限公司)[5] with a consortium of civilian-run enterprises: Fosun High Technology and its parent company Guangxin Technology (Chinese: 广信科技). The stake of NISCO that held by Nanjing Iron and Steel Group was injected to Nanjing Iron and Steel United as capital. After the deal, Nanjing Iron and Steel Group owned 40% stake of Nanjing Iron and Steel United, Fosun High Technology (and its subsidiary) owned 50% and Guangxin Technology owned 10%.[6] The parent company of Fosun High Technology was later changed to Hong Kong listed company Fosun International, which also acquired the stake from Guangxin Technology. (However, it was still controlled by the shareholder of Guangxin Technology)

In 2009, a new intermediate holding company Nanjing Nangang Iron and Steel United Co., Ltd. (Chinese: 南京南钢钢铁联合有限公司, known as Nanjing Nangang or (Chinese: 南钢联; literally: "Nangang United"), SSE: 122983 for their bond) was incorporated, Nanjing Iron and Steel United became its wholly owned subsidiary, while Nanjing Iron and Steel United owned 62.69% stake of NISCO at that time.[7] It was followed by Baosteel Group for just 2.42% stake.[7] In 2010, NISCO acquired some assets (themselves were under a wholly owned subsidiary Chinese: 南京南钢产业发展有限公司) from the parent company, as those businesses were classified as related parties but the listed company had business relation with them.[8] NISCO paid the parent company in an all-share deal, making Nangang United owned 83.78% stake of the listed company.[9] As at 31 December 2015, Nangang United had disinvested NISCO to just 48.19%.[1] On 31 December 2015, Fosun International also appointed Nanjing Iron and Steel Group as its proxy for 10% stake of Nangang United, making Nangang United was classified as a joint venture and not consolidated in Fosun International's consolidated financial statements, while Nanjing Iron and Steel Group regained the controlling status on the publicly traded company.[10]

As at 31 December 2014, NISCO had a total assets of CN¥39.538 billion,[11] comparing to Nangang United's CN¥41.273 billion.[12] The net assets (excluding minority interests) were CN¥8.558 billion and CN¥8.344 billion respectively.

Shareholders[edit]

As of 31 December 2015
  • Guo Guangchang[13]
    • Fosun International Holdings (64.45% owned by Guo Guangchang)[13]
      • Fosun International (SEHK00656, 71.37% owned by Fosun International Holdings)[13]
        • Nanjing Nangang Iron and Steel United (60% owned by Fosun International)[13]
          • Nanjing Iron and Steel (48.19% owned by Nangang United)
        • Nanjing Iron and Steel Group (owned 40% of Nanjing Nangang Iron and Steel United)
      • Chinese: 南京钢铁创业投资有限公司; literally: "Nanjing Iron and Steel Venture Investment" (owned 51% of Nanjing Iron and Steel Group)
    • worker union of Nanjing Iron and Steel Group (owned 36.07% of Nanjing Iron and Steel Venture Investment)[14]


References[edit]

  1. ^ a b "2015 Annual Report" (PDF). NISCO (in Chinese). Shanghai Stock Exchange. 16 April 2016. Retrieved 19 November 2016. 
  2. ^ Nanjing Iron & Steel Co., Ltd. - Company Profile Snapshot Hoovers
  3. ^ Nanjing Iron & Steel Co., Ltd. - Company Profile Snapshot ecnext.com[dead link]
  4. ^ https://www.worldsteel.org/statistics/top-producers.html
  5. ^ "公司简介" [Company profile] (in Chinese). Nanjing Iron and Steel Company (NISCO). Retrieved 19 November 2016. 
  6. ^ "南京钢铁股份有限公司董事会关于南京钢铁联合有限公司收购事宜致全体股东的报告书" [Report regarding Nanjing Iron and Steel United Co., Ltd. acquiring Nanjing Iron and Steel Co., Ltd.] (PDF). NISCO (in Chinese). Shanghai Stock Exchange. 20 June 2003 [Prepared on 17 June 2003]. Retrieved 19 November 2016. 
  7. ^ a b "2009 Annual Report" (PDF). NISCO (in Chinese). Shanghai Stock Exchange. 20 March 2010. Retrieved 19 November 2016. 
  8. ^ "向特定对象发行股份购买资产暨关联交易报告书(修订稿)" (PDF). NISCO (in Chinese). Shanghai Stock Exchange. 28 September 2010. Retrieved 19 November 2016. 
  9. ^ "2010 Annual Report" (PDF). NISCO (in Chinese). Shanghai Stock Exchange. 16 March 2011. Retrieved 19 November 2016. 
  10. ^ "MAJOR AND CONNECTED TRANSACTION - DELEGATION OF VOTING RIGHTS IN NANJING NANGANG AND GRANT OF WAIVER FROM STRICT COMPLIANCE WITH RULE 14.41(a) OF THE LISTING RULES" (PDF). Fosun International. Hong Kong Stock Exchange. 4 January 2016. Retrieved 19 November 2016. 
  11. ^ "2014 Annual Report" (PDF). NISCO (in Chinese). Shanghai Stock Exchange. 30 January 2015. Retrieved 19 November 2016. 
  12. ^ "2014 Annual Report" (PDF). Nanjing Nangang Iron and Steel United (in Chinese). Shanghai Stock Exchange. 20 April 2015. Retrieved 19 November 2016. 
  13. ^ a b c d "2015 Annual Report" (PDF). Fosun International. Hong Kong Stock Exchange. 28 April 2016. Retrieved 19 November 2016. 
  14. ^ "南京钢铁创业投资有限公司" (in Chinese). 江苏省工商行政管理局 (Administration for Industry and Commerce of Jiangsu Province). Retrieved 19 November 2016. 

External links[edit]