China takes on ArcelorMittal with latest Shougang-Baowu share transfer

China is looking to take on the world’s top steelmaker, ArcelorMittal, with a share transfer between Shougang and Baowu Steel.

Northern China’s Shougang Group is transferring 15% of its share in the listed unit of the same name to Baowu Steel without any charge, according to a company notice last Friday November 8.

This takes Baowu Steel - China’s biggest mill and second globally only to ArcelorMittal - one step closer toward becoming the world's largest steelmaker,...

Published

Jessica Zong

November 11, 2019

07:30 GMT

Shanghai