Sinosteel New Materials announced that the company received the approval from China Securities Regulatory Commission (CSRC) on 20 October, 2020 for its private offering of no more than 170.9 million new shares.

According to a prior announcement of Sinosteel New Materials, the company planned to raise no more than RMB1.1 billion (USD0.16 billion), which will be invested in the high-performance soft magnetic ferrite and device construction project with an annual production capacity of 15,000 tons, the high-performance ferrite magnet green manufacturing construction project and the testing and inspection intelligent informationization construction project and used as working capital, after the issuing expense is deducted.