Anhui Province, China-based steelmaker Maanshan Iron and Steel Corporation (Maanshan Steel) has revealed that its board of directors has approved plans to take over another Anhui-based steel company, i.e., Changjiang Iron and Steel. However, no further details have been disclosed.

Changjiang Iron and Steel Holding Inc., which was established at the beginning of 2000, has an annual steel production capacity of 1.5 million mt. The total assets of the steel producer are estimated at a value of RMB 1 billion ($147 million).