China’s State Assets Supervision and Administration Commission of the State Council has approved the restructuring of two state-owned giants metallurgical and mineral resources developer and processor Sinosteel Group Corporation will be integrated into China Baowu Steel. After the reorganization, Sinosteel will no longer be under the direct regulation of the SASAC. Sinosteel is not a traditional steelmaker but a company positioned in the steel industry chain. It has business in Mineral Resources, Engineering Equipment, New Material Technology, Trade & Logistics and Financial Services. So the main goal of the restructuring is to enhance Baowu's global competitiveness across the industry chain, rather than output expansion Established in 1993, Sinosteel is a large multinational group with businesses that integrates resources development, trade and logistics, engineering project, and science and technology, as well as equipment manufacturing and specialized service, providing comprehensive auxiliary service for steel industry and other strategic emerging industries. Baowu's crude steel output reached 120 million tonnes in 2021, leading the world. The company has set the goal of hitting 200 million tonnes of crude steel output by 2025, and holding 15% of the global market by 2035.