On July 28, a meeting for the restructuring of northern Chinese steelmaker Angang Steel Company Limited and southwestern Chinese steelmaker Pangang Group Company Ltd was held in Beijing. Accordingly, Angang Steel Company Limited has become the parent company of Pangang Group.
A file entitled ‘Notice about the reorganization of Angang Steel Company Limited and Pangang Group Company Ltd' was issued by the State-owned Assets Supervision and Administration Commission of China's State Council at the meeting. The notice confirms that Angang Steel Company Limited has become the parent company of Pangang Group.
Li Rongrong, director of the State-owned Assets Supervision and Administration Commission of China's State Council said at the meeting that the reorganization is in line with the central government's policy to improve economic restructuring.
Zhang Xiaogang, general director of Angang Steel, said that according to its new target by 2015 the restructured company's annual crude steel output will rank in the top five worldwide. The company will play a leading role in the global steel and vanadium industry and will play the main role in China's domestic titanium industry, he added.