State-owned Baosteel Group, China’s second-biggest steelmaker, will absorb Wuhan Iron and Steel Group to create the brand new entity, the China Business News mentioned past due Monday.
The firms rank fifth and 11th respectively by using manufacturing potential within the international.
The new company will be called China Baowu Iron and Steel Group, the report said, including the kingdom asset watchdog has already authorised the plan and submitted it to the State Council — China’s cupboard — for final approval.
China Securities Journal, which is managed by using the legit news business enterprise Xinhua, stated the plans can be introduced this week.
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