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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