Two Chinese steelmakers declare merger, become world's 3rd largest

SHENYANG (Xinhua): China's two major steelmakers, Ansteel and Ben Gang Group Corporation, inked a deal on Friday to kick off their merger and restructuring that will create the world's third-largest steelmaker.

According to the deal, the owner of Ben Gang - Liaoning Province's State-owned Assets Supervision and Administration Commission - will transfer a 51-percent controlling stake in the steelmaker to Ansteel, and Ben Gang will become a subsidiary of Ansteel.