Henan Province-based Chinese steelmaker Anyang Iron and Steel Inc. (Anyang Steel) announced that its controlling shareholder Anyang Steel Group (Angang Group) plans to implement the mixed ownership reform, while China’s largest private steelmaker, Jiangsu Province-based Shagang Group, plans to participate in the reform mentioned above. On May 13, both parties inked the Agreement on the Intention of Shagang Group to participate in the Mixed Ownership Reform of Angang Group.
The total capacity of Shagang Group and Angang Group would be over 50 million mt per year, making Shagang’s share in the Chinese market bigger. This plan is in line with the government program to increase bid steel mills’ concentration from 40 percent to 60-70 percent by 2025.