The combined production capability of the 2 firms reached 60.7 million tons last yr, statistics from the World Steel Association confirmed, which could make the new entity the arena’s 2d largest producer by ability, behind ArcelorMittal.
The first announced they might behavior a “strategic restructuring plan” in June.
Chinese metal call for has slumped as economic increase slows and the worldwide metal industry is assailed by using overcapacity. The disaster has seen manufacturers in Asia, Europe and the US suffer large losses and caused political rows and accusations of dumping.
Shanghai-primarily based Baosteel’s net profit plummeted 83 percent to 1.0 billion yuan ($150 million) ultimate 12 months, at the same time as Wuhan Steel lost 7.5 billion yuan, in comparison with a 1.Three billion yuan net income in 2014.
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