China's largest private steelmaker Jiangsu Province-based Shagang Group has expressed its intention to takeover Yongxing Steel, the largest private steelmaker in Henan Province - local media sources have reported.
According to the reports, Shagang is interested in acquiring 80 percent of Yongxing Steel. Such a merger would move Shagang to the top ranks of Chinese steelmakers, and would also be the first inter-provincial merger between two private steelmakers.
Shagang Group has a finished steel production capacity of 18 million metric tons per annum.