Anshan Iron & Steel Group, the second largest steel company in China, announced a merger with Benxi Steel Group, reportedly the fifth largest steel company in China. The merged company will be called Anben Iron & Steel Group. When the merger is complete it will be on par with Baosteel Group, the largest steel company in China.
According to published reports the combined company will have an annual capacity of more than 20 million metric tons.
The merger follows a move by the Chinese government to consolidate its fairly diverse steel production industry. There are more than 800 steel plants in the country, although only a handful are efficient enough to operate on the international stage.
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