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China has appointed former president & # 39; Baoshan Iron & Steel Co. to chair the rival group Ansteel Group Corp., showing its intention to merge the two parent companies and create a steel giant ArcelorMittal goes as the largest producer in the world, according to people close to the matter. Shares of divisions of publicly traded climbed groups.
The combination of the two help the parent company & # 39; Baoshan and the largest manufacturer of China, Baowu Steel Group Corp., achieve its goal & # 39; 100 million tonnes of & # 39; annual output by 2021, and the government achieve its objective to concentrate the 60% of production in & # 39; hands 10 parent plants by 2020, said people, who asked not to be identified because the information is not public, said Bloomberg.
The sources did not reveal deadlines for the agreement and said the plan still can & # 39; pay changes
(See also: Dollar Dicom closed this week at & # 39; BSS 79.56 in its ninth auction)
Baoshan announced Monday that its president, Dai Zhihao, resigned. The Commission & # 39; Supervision and Management of State Assets (SASAC), which oversees the two companies, said on Wednesday in its Weibo account Dai will assume the top executive position in & # 39 ; Ansteel.
Ansteel Group is the third largest steel company in China, while Baowu itself is the product & # 39; mega-merger two years ago. Together, the two companies produced 101 million tons of & # 39; steel in 2017, according to World Steel Association, about 4 million tons over Arcelor. At the end of last year, their combined revenues amounted to 493,000 million yuan (US $ 71,000 million), slightly higher than USD 69,000 million & # 39; Arcelor.
China, the largest producer of & # 39; steel in the world, has the overall objective to improve the sector by controlling capacity, consolidate production and reduce pollution. Speculation as to which companies can join is frequent, and a report in & # 39; Baowu was in September indicated that & # 39; discussions to acquire Magang Holding Group Co.
SASAC not immediately respond to a fax requesting comment. The speakers for Baowu, based in & # 39; Shanghai, and Ansteel, Anshan, Liaoning, said they had no knowledge of the plan & # 39; union and refused to comment further.
The shares rose divisions listed in the & # 39; very, turn the previous losses; Baoshan rose & # 39; to 3.4% in & # 39; Shanghai and Angang Steel Co., up 8.4% in & # 39; Washington. Shanghai Baosteel Packaging Co. increased the maximum price movement allowed in the bag & # 39; Shanghai.
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