A planned merger of China’s largest steelmaker and a domestic rival is set to create a group whose combined production exceeded that of the entire US steel industry last year, as Beijing pushes forward with efforts to consolidate its vast steel sector.
According to a stock exchange filing on Sunday, China Baowu Steel Group will buy a majority stake in smaller producer Magang Steel to strengthen its “international competitiveness”. The value of the deal was not disclosed.
The two companies had combined crude steel output last year of 87m tonnes, surpassing total US steel output of 86.6m tonnes, according to World Steel Association data.
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