The Hebei Iron & Steel Group is said to be exiting 12 private steel firms within the province after attempting a restructuring exercise at the companies for three years, news website caixin.com reported Wednesday. The group now aims to focus on managing its own assets, the report said, also suggesting that the private firms had sought the withdrawal. Hebei Iron secured ten percent stakes in each of the 12 private steel companies back in 2010, with a view to lending a helping hand in the restructuring of the firms by injecting the group’s technologies, management knowhow and goodwill, but without any capital investment, a source from group was quoted as saying. The state-owned group is the largest steel producer in China.
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