Baosteel to play role in restructuring of Xinyu Steel

Wednesday, 30 December 2009 16:27:54 (GMT+3)   |  
       

According to the documented entitled Schemes for Structural Adjustment and Optimization of Raw Materials Industries in Central China issued recently by the Chinese authorities, Hubei Province-based steelmaker Wuhan Iron & Steel Corporation (WISCO) was assigned as the exclusive enterprise responsible for supporting of mergers and restructurings in this region. However, it seems that Shanghai-based steel giant Baosteel Group will now also play a role in the restructuring process of enterprises in Central China.

Following its active bid for Anyang Steel, Baosteel has now directed its attention to its new target, Jiangxi Province-based Xinyu Steel. Meanwhile, it is heard that Xinyu Steel is now performing a large-scale acquisition of mills in Jiangxi Province.

Commenting on the restructuring of Xinyu Steel, a WISCO official stated, "Baosteel will take responsibility for the restructuring of Xinyu Steel. We had hoped to do it, but Baosteel was more aggressive than we were."


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