Merger of Ansteel & Benxi Steel in Liaoning Province Likely
Reuters reported that Liaoning Province based China’s state owned China’s No 4 steel maker Ansteel Group is planning a strategic restructuring of Liaoning Province based state owned China’s No 4 steel maker Benxi Steel Group, known as BenGang. BenGang Group’s listed arm Bengang Steel Plates, informed Shenzhen Stock Exchange that “The restructuring is still at the planning stage and is subject to the approval of related government departments. The restructuring could result in a change to its ownership.”
Ansteel has an annual steel producing capacity of 39 million tonnes and is owned by China’s state-assets regulator while Ben Gang can produce 20 million tonnes per year and is owned by the local state assets regulator.