Baowu takeover of Chongqing Steel puts new 100-million-tpy China steel giant on horizon

If China’s largest steelmaker Baowu Steel takes over southwest China’s Chongqing Steel, a new steel giant with a crude steel capacity of 100 million tonnes per year will emerge in the country.

The company is looking to buy into Chongqing Steel, but it has not given any specific percentage share or timeline, Baowu Steel executive Chen Derong said at a press briefing in the last week of June. The potential purchases follows Maanshan Iron & Steel Group’s (Magang) impending merger with Baowu Steel, which was approved by the state-owned Assets Supervision & Administration Commission on June 27, according to Magang’s announcement. The acquisition of Chongqing steel will...

Published

Jessica Zong

July 01, 2019

10:35 GMT

Shanghai