Chinese regulators have reportedly approved the merger of Baosteel and Wuhan Iron and Steel, with a joint steel production capacity of 60 million tonnes per year. Both state-owned companies, they have pledged to reduce production capacity by 13.4 million tonnes between them. The deal is expected to be completed in early 2018.
Chinese regulators have reportedly approved the merger of Baosteel and Wuhan Iron and Steel, with a joint steel production capacity of 60 million tonnes per year. Both state-owned companies, they have pledged to reduce production capacity by 13.4 million tonnes between them. However, there are doubts that China will reach its environmental target of reducing its steel production to remove 45 million tonnes of plant capacity by the end of this year.