July 21 -- Shareholders of Guangzhou Iron and Steel (600894) approved its restructuring plan yesterday, transforming the company from a steelmaker to a maker of elevators, reports stcn.com.

A total of 90 percent of the company's debt claimants had signed agreements transferring related debts and liability guarantees to third parties.

According to the restructuring plan, Guangzhou Steel will strip off all its steel assets and accept an injection of elevator assets from Guangri Group, parent of the restructurer, Guangzhou Guangri Elevator Industry.

Guangri Elevator said it is currently exploring the LED business. An insider from the elevator industry said Guangri is an established domestic brand and has huge potential in the markets of second and third-tier cities.

Guangri Elevator had invested in Hitachi Elevator to benefit from the rapid growth in the high-end market.

Guangri Elevator forecasts a 26.68 percent year-on-year rise in 2011 net profit to 313 million yuan.