Maanshan Iron & Steel announced on December 5 that it plans to transfer 71% equity of its holding subsidiary Anhui Masteel Heling Industry Co., Ltd. to its controlling shareholder Magang (Group) Holding Co., Ltd. The appraised value of the 71% equity of Heling Industry is 239 million yuan (34.25 million US dollars), which is taken as the transfer price. This transaction is conducive to optimizing and integrating the stock assets of the company and focusing on steel business, that is, its main business.