Thursday, March 06, 2008

Anshan and Benxi steel to merge this year

The long-awaited merger of Anshan Iron & Steel Group Co and Benxi Steel Group is expected to start this year, said Benxi president Yu Tianchen on Wednesday.

Yu made the remarks in Beijing when attending the annual session of NPC, saying that the merger proposal is now subject to regulatory approval that is expected to be granted within the year.

In fact, the two steel makers were merged in 2005, but still keep independent operations due to some historical and structural reasons.

Anshan Iron & Steel Group is China's second largest steel producer. After the incorporation completed, the combined production capacity of the new entity will press on towards Baosteel Group, the largest steel company in China.

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