China’s Baowu Steel in talks with Shandong Steel on merger

China’s Baowu Steel Group, the world’s largest steelmaker, is in talks with Shandong Iron & Steel Group Co for a potential merger.

While a small segment of the steel market already had some knowledge of this development, particularly after Baowu Steel sent some of its company officials to Shandong Steel to conduct surveys on the topic of a merger, the matter became public after local media reported it on Thursday January 28.

“Because of the recent media leaks, the whole market now knows that Baowu Steel might grow its annual capacity to 130-150 million tonnes soon,” a source at Shandong Steel...

Published

Miranda Song

January 29, 2021

06:50 GMT

Shanghai