As stated by Bai Jingpu, vice president of Liaoning Province-based Chinese steel company Anshan Steel Corporation, the company is still vigorously promoting the merger processes with two other steelmakers based in the same province, namely, Panzhihua Steel Group and Benxi Steel Group.
The merger process with Benxi Steel has been ongoing for several years but has still not been completed. Mr. Bai said Anshan Steel Corporation would give priority to the merger with Panzhihua Steel, while it would also continue to promote restructuring with Benxi Steel. He also revealed that the merger of at least one of the two companies with Anshan Steel Group would be completed by the end of the current year.
At present, the annual production capacities of Anshan Steel, Benxi Steel and Panzhihua Steel are respectively 25 million mt, 11 million mt and 10 million mt. After the consolidation of the three companies, the new group will become China's largest steel producer with an annual production capacity of 46 million mt.