Energy Insider: Ansteel Wins Approval to Acquire Bengang Group

In today’s Caixin energy news wrap: China’s crude steel output fell 8.4% in July amid production limits; SASAC urges SOEs to expand scientific innovation; national railroad operator unit debuts on ChiNext Board; China Power’s first half net profit rises 17%; Beijing outlines plan to promote hydrogen energy industry

Ansteel wins approval to acquire Bengang Group

Bengang Group said the State-owned Assets Supervision and Administration Commission (SASAC) approved the combination of Ansteel and Bengang Group. The controlling shareholder of Bengang Group – Liaoning’s SASAC – will transfer 51% of the steelmaker to Ansteel. The move signals the government stepping up consolidation of the steel sector. The merger will form the largest steelmaker in northeastern China and the world’s third-largest behind China’s Baowu and Luxembourg’s ArcelorMittal.