Liaoning greenlights merger between Benxi Steel and Beitai Steel

Wednesday, 09 June 2010 17:36:39 (GMT+2)

On June 8, the authorities in China's Liaoning Province announced their approval of the proposed merger of local steelmakers Benxi Iron and Steel Group and Beitai Iron and Steel Group, both of which are based in Benxi, Liaoning, also stating that a special group is to be established to plan the restructuring of the two companies.

After the merger, the new steel company will have a steel output capacity of 20 million mt and revenues of over RMB 100 billion ($14.66 billion), and will possess advantages in terms of product range, market development, technological research, etc. The merger will mark a major step forward in the restructuring of the steel industry in Liaoning Province.

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