Why Fushun Special Steel was reorganized by Shagang

Fushun Special Steel was reorganized by Shagang because of debt default. Fushun Special Steel belongs to Shagang, which reorganized Fushun Special Steel. It was reorganized because of debt default. Through system reform, Fugang is subordinate to Fute Steel Co., Ltd. Jiangsu Shagang Co., Ltd., formerly known as Gaoxin Zhangtong Metal Material Co., Ltd., is a state-level high-tech enterprise jointly invested by China Gaoxin Investment Group Company and Jiangsu Zhang Tong Group Co., Ltd.