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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (5354)	8/15/2005 12:50:09 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Steel giant rising in China Aug 15 2005 10:24:34:200AM Shanghai - China's second and fifth largest steel mills announced on Monday an ambitious merger that would form a global giant and make it one of the world's top players. Anshan Iron and Steel Group and Benxi Iron and Steel Group will merge to form Anshan-Benxi Steel Group, the companies advised the Shenzhen Stock Exchange. The statements called the consolidation merely "a cooperation between the two groups", where "no stake issues are involved between the two companies". Both mills are owned by the government. The merger, which comes amid a major government-directed overhaul of the industry, could surpass the 20 million tonnes of production pumped out annually by China's current market leader, Shanghai-based Baosteel. The new group could target other local private steel firms to allow its steel output to reach 51 million tonnes by 2010 and become one of the world's top three steel producers, analysts said. Mittal of the Netherlands and Arcelor, a European consortium, are currently the world's largest. finance24.com