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Baosteel to absorb Wuhan Steel to create world's 2nd largest steelmaker


09-23-2016 02:43 BJT

China's Baosteel Group will fully take over Wuhan Steel Group to create the world's second largest steelmaker after ArcelorMittal. That comes as China aims to increase the concentration level of the scattered industry.

The new entity will be named China Baowu Steel Group. That's according to a filing Thursday by the Baosteel Group's listed units Bayi Iron & Steel and Baosteel Packaging.

Based on last year's capacity, the combined company will produce about 60 million tons of steel a year. The government earlier released a sector consolidation plan that calls for 60 percent of the national output to come from China's top 10 plants by 2025. The move is also part of China's efforts to streamline its inefficient state-owned enterprises in industries from shipbuilding to materials and railways.

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