Two major Chinese steel companies confirm merger
Anshan Iron and Steel Group Corporation (Ansteel Group) and Benxi Steel Group Corp. Ltd. (Bengang) confirmed on Friday that they initiated a restructuring and merger process.
The State-owned Assets Supervision and Administration Commission (SASAC) of Liaoning Province will transfer its 51% stake in Benxi Steel to Ansteel Group without compensation.
The combined company’s steel production capacity will reach 63 million tons and its operating income will hit 300 billion yuan, making it the second-largest steelmaker in China and third in the world, according to Chinese media.
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