Baosteel aims mergers to increase stake in world markets

China's largest steelmaker Shanghai based Baosteel is eyeing further stake in world markets. Therefore, the company is non-stop investing in technology and mergers. Thanks to its investments, the company increased its color coated product exports to 64,000 mt in the first half of this year. The company mainly exported its products to the US, Canada, and Italy. After signing strategic partnership agreement with Xinjiang province based Bayi Iron and Steel Group, and buying 10 percent stake in Jinchuan Group -China's largest nickel producer- last week, the company is now aiming to takeover Chongqing Steel. Meanwhile, the company is still continuing its efforts to take over Jinan Steel, but this merger faces a significant challenge, because Shandong government prefers merging Jinan Steel with Laiwu Steel. Baosteel is also trying to takeover Inner Mongolia Autonomous Region based Baotou Iron and Steel, which has also registered strong exports in the first half of the year.