of Guangdong Shaoguan Iron and Steel Group from SASAC of Guangdong Government. In April 2012, Shaoguan Iron and Steel Co, Ltd. was established. Boasteel owns the 85% of held resources company Aquila Resources Pty Ltd, through Baosteel Resources. Boasteel developed a sales and distribution network in China and foreign countries. Boasteel overseas subsidiaries controls key minerals resources for steel production, such as the Majishan ore terminal in the port of Zhoushan. Baosteel also invested in steel-related industries such as Baoxin Software and Baosteel Chemical. Baowu On 21–22 September 2016, a plan to merge Baosteel Group and fellow state-owned steel maker Wuhan Iron and Steel Corporation was announced. Baoshan Iron and Steel Company Limited, the listed portion of Baosteel Group would takeover the counterpart Wuhan Iron and Steel Company Limited in an all-share deal, while the rights of Wuhan Iron and Steel Corporation would be transferred to Baosteel Group for free as a wholly owned subsidiary. Both Baosteel Group and Wuhan Iron and Steel Corporation were supervised by SASAC of the Central Government. As of December 2016, the name of the new group is China Baowu Steel Group Corporation. It is now the second largest steel producer in the world, with assets estimated to be worth around 730 billion Yuan, employing 228,000 employees and expected annual sales revenues of 330 billion Yuan ($47.9 billion). In early 2016, Baosteel Group was accused by US Steel Corp. of stealing commercial secrets. Baosteel rejected these allegations, stating that "In particular, the charges claiming that Baosteel stole commercial secrets from U.S. Steel is rootless speculation and subjective assumption, and could even be described as an absurd statement". The United States International Trade Commission launched a probe into these allegations in May 2016. Next to Baosteel, Hebei Iron and Steel Group, Wuhan Iron and Steel Co., Ltd., Maanshan Iron and Steel Company Limited, Anshan Iron and Steel Group and Jiangsu Shagang Group are also under investigation. In February 2017, US Steel dropped the claim of trade secret theft because of a lack of evidence, and in October 2017, the United States International Trade Commission dismissed the anti-circumvention allegation. In March 2018, it additionally dismissed the antitrust claims, again because of a lack of evidence, and ended the investigation. In 2019, China Baowu Steel Group acquired 51% stake of Masteel Group from the SASAC of for free. The acquisition also included the indirect controlling stake of the