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. Mergers can be part of the slow process of consolidation, and in this case the two state-owned companies have vowed to cut capacity by 13.4m tonnes between them. 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. The deal is expected to be completed in early 2018.