Two of China’s biggest steelmakers are in joint restructuring talks and are likely to merge, as Beijing explores ways to staunch losses in an industry blighted by overcapacity and sluggish demand.
Baosteel Group and Wuhan Iron & Steel Group, , said they would undergo a joint “strategic restructuring”, according to two identical but separate public announcements released on Sunday by the companies’ listed entities.
The merger, if approved, would leapfrog the group over Hebei Iron and Steel to create the China’s biggest steelmaker, with an annual capacity of more than 60m tonnes. The group would rival ArcelorMittal, the world’s largest steelmaker, which produced 97m tonnes in 2015.
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