Sinosteel-Baowu integration signals industry recast

The restructuring of Beijing-based Sinosteel as a part of China Baowu means it will no longer be a centrally administered state-owned enterprise under the supervision of the Assets Supervision and Administration Commission. — China Daily

BEIJING: The restructuring of Sinosteel Group Corp Ltd will further improve the structure of China’s steel industry and bring stability to the commodity’s prices in the years ahead, market observers say.

Their comments were in response to the announcement by the state-owned Assets Supervision and Administration Commission (Sasac), the country’s top State asset regulator, that Sinosteel has been integrated into Shanghai-headquartered China Baowu Steel Group Corp, or China Baowu, the world’s largest steel conglomerate by sales revenue.