July 6 (NBD) -- Angang Steel Company Limited (Angang Steel, 000898.SZ) announced Friday that Ansteel Group will gratuitously transfer its 360 million A shares of Angang Steel held through a wholly-owned subsidiary to Power Construction Corporation of China (PCCC, 601669.SH).

The move is made to cement Ansteel Group's partnership with the hydropower designer and improve the equity structure of Angang Steel.

After the deal, Ansteel Group will hold a 53.33 percent stake in Angang Steel, while the hydropower designer will hold a 4.98 percent stake in the listed steel company.

Email: tanyuhan@nbd.com.cn