Anshan and Benxi to merge in July

Anshan and Benxi to merge in July

Chinese steel producers Anshan Iron & Steel Group and Benxi Iron & Steel Group will officially merge on July 10, 2005, sources report. The long-awaited merger has finally been approved by Liaoning provincial authorities. Merger talks between the two companies began in 2002. The merger aims to improve the competitiveness of both companies and to increase steel production in the region. Although the companies agreed on most of the issues regarding the merger, certain issues, including the name of the new company are not clear yet. The total production the merged company will reach around 17 million tons.