Magang (Group) Holding Co., Ltd., or known as Masteel Group, is one of the major Chinese iron and steel enterprises. Since 2019, it is a joint venture of central government owned China Baowu Steel Group and Anhui Provincial People's Government's State-owned Assets Supervision and Administration Commission (SASAC). It is headquartered in Ma'anshan, Anhui province. The group produced iron and steel via its listed subsidiary Maanshan Iron and Steel Company Limited, which was a listed company since 1993. However, the group had a significant part remained unlisted. In Chinese language, the company was nicknamed as "A flower of Jiangnan". History Masteel Group, as a steel plant, was founded in 1953 as "Ma'anshan Iron Mining Plant". () In 1958, it was renamed to "Ma'anshan Iron and Steel Company", ( or transliterated as "Ma'anshan Iron and Steel Corporation"). In the 1950s, it was considered as one of the 5 medium-sized steel plants of the People's Republic of China, behind the top 3 at that time: Anshan, Wuhan and Baotou. According to the company, the steel plant was the first Chinese manufacturer of train wheel and tires, which was first produced in 1962. As of 1993, the train wheel and tire production lines of the group were unique () in the People's Republic of China. In 1970, a limestone mine located in Chuanshan, Zhenjiang city, was under the administration of the group. However, after the establishment of Shanghai Baoshan Iron and Steel, the mine became a supplier of Baoshan Iron & Steel instead. The administration of the mine was also transferred to the metallurgical bureau of Zhenjiang city. According to Financial Times, in the 1980s to 1990s, 85% of the tax revenue of the Ma'anshan city, were contributed by the group. The group also employed 90,000 out of 2 million citizens at its peak. 1990s to present In 1993, a subsidiary was incorporated as Maanshan Iron and Steel Company Limited (), which the original "Ma'anshan Iron and Steel Company" was renamed to "Magang Holding Company" (). The former was listed on the Stock Exchange of Hong Kong on 3 November 1993 and the Shanghai Stock Exchange on 6 January 1994; the latter, was renamed to Magang (Group) Holding Company Limited () in 1998. Magang (Group) Holding Company Limited was also known as Masteel Group () for short. Maanshan Iron and Steel Company Limited was one of the first state-owned enterprises of the People's Republic