Zhang Xiaogang, general director of Liaoning-based Anshan Steel (Ansteel) stated recently that Ansteel will require one to three years to complete its merger with Sichuan-based Panzhihua Iron and Steel Co. (Pangang). Ansteel is expected to rank third in respect of output in the Chinese steel industry upon conclusion of the planned combination with Pangang.
Commenting on the issue, Mr. Zhang stated that Ansteel highly appreciates Pangang’s advantages in resources because the latter produces 50 percent of its products from its own ores and its vanadium and titanium resources account for 90 percent of the total reserves in
China. Furthermore, Pangang also possesses geographical advantages, which will provide powerful support for Ansteel’s overall positioning in the global and national markets.