On December 19, Hubei Province-based Chinese steel producer Wuhan Iron and Steel Group (WISCO) announced that it will increase its investment in Chinese coal mining company China Pingmei Shenma Group by RMB 600 million ($96 million). The RMB 600 million will translate into an increase of RMB 446 million ($71 million) in registered capital, and therefore the total registered capital of China Pingmei Shenma Group will rise from RMB 18.49272 billion ($2.964 billion) to RMB 18.939480 billion ($3.035 billion). With this investment, WISCO will hold a 11.92 percent stake in China Pingmei Shenma Group, compared to the previous 9.79 percent. China Pingmei Shenma Group is one of the largest producers of coking coal and thermal coal in China.