Posted on 01/07/08
China melds steel makers as demand surges
Two Chinese steel companies combined yesterday to form the world's fifth-largest producer, the latest in a series of government-orchestrated deals aimed at creating globally competitive suppliers amid booming demand. The new state-owned company was formed through a combination of Tangshan Iron & Steel Group and Handan Iron & Steel Group. It is called Hebei Iron and Steel Group Co. and replaces Baosteel Group Co. as China's biggest steel company. Tangsteel's steel output last year was 22.75 million tons; Hansteel's was nine million tons, according to the Chinese financial press.
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