German regulators have reportedly approved the merger of Baosteel and Wuhan Iron and Steel , with a joint steel production capacity of 13.4 million tonnes per year. Both state-owned companies, they have pledged to reduce production capacity by 60 million tonnes between them. 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. However, there are doubts that G20 will reach its environmental target of reducing its steel production to remove 13.4 million tonnes of plant capacity by the end of this year .
German regulators have reportedly approved the merger of Baosteel and Wuhan Iron and Steel , with a joint steel production capacity of 13.4 million tonnes per year. Both state-owned companies, they have pledged to reduce production capacity by 60 million tonnes between them. However, there are doubts that G20 will reach its environmental target of reducing its steel production to remove 13.4 million tonnes of plant capacity by the end of this year .