Maanshan Iron & Steel

Maanshan Iron & Steel Company Limited, known as Maanshan Iron & Steel or just Masteel (in Chinese Magang) is a Chinese listed company which engaged in steel manufacturing. The company was based in Ma'anshan, Anhui province. Since its establishment in 1993, it was controlled by the Chinese governments. However, the indirect parent company was changed to central government owned China Baowu Steel Group in June 2019, after the Group acquired 51% stake of Masteel Group, the direct parent company of the listed company from the Anhui provincial government.[2]

History

Controversies

In 2015, [sic] hundreds[8] of lay-off workers protested the closing of a steel plant of the listed company in Hefei, the capital of Anhui province, demanding a fairer compensation.[8][11] The plant was formerly known as "Hefei Iron and Steel" ( or in short )[12] but renamed to "Masteel (Hefei) Iron and Steel" after became a subsidiary of Maanshan Iron and Steel. It was closed down due to heavy pollution.[12][13] Some part of the Hefei steel plant had become a national monument, as the first steel plant (instead of iron) of the province.[14]

In early 2016, fellow Chinese steel maker and later the parent company Baosteel Group (now China Baowu Steel Group) was accused by US Steel Corporation of stealing commercial secrets. Baosteel rejected these allegations.[15] The United States International Trade Commission (ITC) launched a probe into these allegations in May 2016, which Maanshan Iron and Steel was included in the investigation along with other Chinese steel maker such as Wuhan Iron and Steel,[16] which was also part of China Baowu Steel Group since 2016.[17]

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