Two top steel mills in China merge

  • Business Premium
  • Tuesday, 16 Aug 2005

CHINA'S number-two steel maker, Angang, has merged with the fifth-largest, Bengang, to create a leader in the world's top steel market, as Beijing struggles to overhaul a glutted sector and foster globally competitive firms. 

The move could ultimately create a steel giant with annual capacity for some 30 million tonnes – equivalent to South Korea's POSCO, the world's fifth-ranked steel firm, or China's current leader Baosteel Group, which controls listed Baoshan Iron and Steel Co. 

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