China's Anshan Steel, Benxi Steel set for megamerger in next 5 years

China's Anshan Iron & Steel Group in Liaoning province is set to merge with Benxi Iron & Steel over the next five years.

An official document issued by the provincial government earlier this week outlined its plans to push toward a merger of the two steelmakers as part of its Five-Year Plan (2021-2025). Such a move would cultivate more first-class steel groups in the country to improve synergies in the ferrous sector. By 2025, the provincial government expects annual revenues for high-quality steel to exceed 200 billion yuan ($30 billion), according to the document. Tan Chengxu, chairman of the state-owned Anshan...

Published

Miranda Song

April 08, 2021

07:20 GMT

Shanghai