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.