Chongqing Iron & Steel Company (RCode:601005: RCode:01053:) has agreed to acquire 2 sets of residual power plants at RMB375 million.

The plants are located at the new production base in Jiangnan Town, Changshou District, Chongqing, the PRC and have been put into operation. The No.1 residual heat power plant has an installed capacity of 24,000KW and the No.2 residual heat power plant has 18,000KW.

The company said that after the acquisition, the production cost of steel per ton and finished agglomerate per ton will be reduced by RMB9 and RMB7.6 respectively.