The merger between Chinese steelmakers Pangang Group Company Ltd and Angang Steel Company Limited has entered the phase of practical implementation, with Pangang Group Steel Vanadium and Titanium Co., Ltd, a listed company of Pangang Group Company, announcing that trading of its shares has been suspended within the context of the merger.
As previously reported by SteelOrbis, on May 21 this year the State-owned Assets Supervision and Administration Commission of China's State Council approved the restructuring of domestic steelmakers Angang Group and Pangang Group. In July this year, Angang Steel Company Limited became the parent company of Pangang Group. The newly organized Angang Group was registered in July, with a registered capital of RMB 17.3097 billion ($2.59 billion). The new Angang Group will have an annual output capacity of 46 million mt, which makes it the largest steelmaker in China and the second largest in the world.