Sinosteel New Materials Co., Ltd. (SZSE:002057) intends to acquire Sinosteel Shanghai Advanced Graphite Material Co., Ltd. from Sinosteel Shanghai Carbon Factory Co., Ltd. and Sinosteel Corporation for CNY 20.3 million on October 31, 2022. Sinosteel New Materials board of directors reviewed and approved the transaction. Transaction is subject to signing of definitive agreement.

For the period September 30, 2022, Sinosteel Shanghai had CNY 23.67 million of total assets.