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BaoSteel + Wuhan = Baowu Iron and Steel Group, 2nd largest in world-The 18th China(Guangzhou)Int’l Metal&
nbsp;&Metallurgy Exhibition
9/22/2016 金屬展-冶金展-鋼鐵展-steel expo-metal &metallurgy expo |
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Shanghai Daily reported that China’s top steelmakers Baoshan Iron and Steel Co and Wuhan Iron and Steel Group will merge to create the world’s second-largest steel entity. The new entity will be called China Baowu Iron and Steel Group. Based on 2015 capacity, the two companies will produce about 60 million tonnes a year, leapfrogging Hebei Iron and Steel into the top spot among China''s steelmakers.
China Business News reported yesterday that the state asset watchdog had given its nod and submitted the merger plan to the State Council for final approval. Once approved, the market value of the new group will surpass CNY 108.5 billion and its total assets will be worth CNY 700 billion.
Shanghai-based Baosteel’s net profit plummeted 83 percent to CNY 1 billion last year, while Wuhan Steel lost CNY 7.5 billion
Restructuring of another two Chinese steel giants, both based in northeastern province of Liaoning, Ansteel and Benxi Steel Group, is next on the agenda
-The
18th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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