Two Chinese companies to merge & form world’s 3rd largest steel producer ...News

Two of China’s major steel producers, Ansteel and Ben Gang, are merging into one corporation, which will have an annual production capacity of 63 million tons of crude steel. Under a merger agreement signed on August 20, Ben Gang, currently owned by the Liaoning Provincial Property Management Committee, will donate 51% of the company’s shares to Ansteel, becoming its subsidiary, China’s news agency Xinhua reports. Both companies view the merger as a way of reorganizing and boosting industrial capabilities. Also on rt.com China’s commodity stockpiles remain a complete mystery

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