One of China’s largest steel mills has moved closer to one of the nation’s top bulker names. China Shipping Development announced that its controlling shareholder, China Shipping Group has signed a share transfer agreement with Wuhan Steel to transfer the company’s share to the steel producer.

According to the agreement, China Shipping Group will transfer its 142m A shares to Wuhan Steel, meanwhile, the steel company will also transfer its 300m shares to China Shipping in exchange.

When the deal is completed, Wuhan Steel will become the second largest A shareholder of China Shipping Development. [17/10/14]