Maanshan Iron & Steel
| Company type | Public |
|---|---|
| Industry | Steel production |
| Predecessor | Ma'anshan Iron and Steel Company |
| Founded | 1993 |
| Fate | Acquired by China Baowu Steel Group (parent ownership transfer in June 2019) |
| Headquarters | Ma'anshan , China |
| Products | Steel products, including train wheels and tires for high-speed rail |
| Owner | China Baowu Steel Group (since June 2019) |
| Parent | China Baowu Steel Group |
Maanshan Iron & Steel Company Limited, often referred to as Maanshan Iron & Steel or Masteel (Chinese: Magang), is a publicly traded steel producer headquartered in Ma'anshan, Anhui province, China. Founded in 1993, the company has remained under government control, with its ultimate ownership transferring to the centrally managed China Baowu Steel Group in June 2019. This change occurred after Baowu acquired a 51% interest in Masteel Group, the immediate parent company of the listed entity, from the Anhui provincial authorities.
Origins
The roots of the enterprise trace back to the establishment of the "Ma'anshan Iron Mining Plant" in 1953. Subsequently, it was renamed "Ma'anshan Iron and Steel Company" (). During the 1950s, it was recognized as one of China's five medium-scale steel manufacturers, alongside prominent firms such as Anshan, Wuhan, and Baotou. By the 1970s, its production capabilities encompassed processes including cooking, sintering, iron smelting, steelmaking, and rolling operations.
Formation of Maanshan Iron & Steel Company Limited
In 1993, the steel manufacturing assets were separated from non-core divisions to create Maanshan Iron & Steel Company Limited, becoming among the earliest state-owned enterprises in China to be publicly listed. The original "Ma'anshan Iron and Steel Company" was renamed Magang Holding Company and continued as the parent holding entity. In 1998, this parent company was restructured and renamed Magang (Group) Holding Co., Ltd., commonly identified as Masteel Group.
By the 2010s, the publicly traded company had established itself as a principal supplier of train wheels and tires for high-speed rail services such as China Railway High-speed’s Fuxing trains. In alignment with national directives aimed at eliminating obsolete steel production capacity, Maanshan Iron & Steel began phasing out certain production lines starting in 2016, completing this downsizing by 2018.
Controversies
In 2015, numerous former employees staged protests over the shutdown of a steel mill located in Hefei, Anhui’s capital city, demanding improved severance arrangements. The facility—formerly known as "Hefei Iron and Steel" () and later rebranded as "Masteel (Hefei) Iron and Steel"—was closed due to significant environmental pollution concerns. Parts of this Hefei plant have since been designated a national monument, recognized as Anhui’s inaugural steel manufacturing site.
In early 2016, Baosteel Group (currently China Baowu Steel Group), Maanshan’s controlling parent company, was accused by US Steel Corporation of misappropriating trade secrets. Baosteel refuted these allegations. Subsequently, the United States International Trade Commission launched an inquiry in May 2016 that included Maanshan Iron and Steel alongside other Chinese steel producers such as Wuhan Iron and Steel, which also became part of China Baowu Steel Group in 2016.