Huaxiang Group announced that its subsidiary Yicheng New Materials Co., Ltd. plans to invest 334 million yuan (51 million US dollars) in cash to acquire 100% of the shares held by Guo Xiaoyan and others in Jinyuan Industrial. Huaxiang Group mainly produces raw materials such as pig iron, scrap steel, etc. while Jinyuan Industrial focuses on the pig iron smelting business. After the acquisition of Jinyuan Industrial, Huaxiang Group will realize the strategic layout in the upstream indudstry and could ensure the supply of pig iron resource to shorten production process.