Anshan Iron & Steel Group Corp., or Angang Group, has signed a 10 billion Chinese yuan debt-to-equity swap agreement with Industrial Bank, Reuters wrote April 5, citing Xinhua News Agency.

The report did not disclose more details about the terms of the deal but said the arrangement comes as the Chinese government relaunched the debt-for-equity scheme and Chinese banks pledged to sign deals with state-owned enterprises to ease their debt burdens.

As of April 4, US$1 was equivalent to 6.89 Chinese yuan.