Caixin Global普通文章配图文章 Baosteel, WISCO Get Regulators' Approval For Merger
09.19.2016 16:25

Baosteel, WISCO Get Regulators' Approval For Merger

Combined company will be world's second-largest steel maker
By Fan Ruohong, Yu Ning and Han Wei

(Beijing) — Two of China's largest steel makers have received regulatory approval to merge by the end of this month — part of Beijing's plan to cut overcapacity and nurture bigger, more-competitive industry leaders.

The planned merger of China's second-largest steel maker, Shanghai-based Baosteel Group Corp., and smaller rival Wuhan Iron and Steel (Group) Corp. (WISCO), won approval for the deal in late August from the State-owned Assets Supervision and Administration Commission (SASAC), which overseas state-owned companies. The plan has been submitted to the State Council, China's cabinet, for final review and approval, which is expected later this month, several sources close to the merger told Caixin.

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