Energy Insider: World’s Largest Steelmaker to Get Even Bigger
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In today’s Caixin energy news wrap: China’s national carbon market is set to kick off Friday; Henan tells coal mining companies not to sell thermal coal outside the province; a former Hunan nuclear official is placed under investigation.
Baowu Steel to acquire Shandong steelmaker
China Baowu Steel Group, the world’s largest steelmaker, plans to acquire smaller rival Shandong Iron & Steel Group Co. Ltd. (600022.SH) in a further consolidation of China’s steel industry. The deal would increase Baowu Steel’s annual crude steel capacity by 30 million to 150 million tons. Baowu Steel is discussing the potential restructuring with the Shandong provincial state asset regulator, Shandong Iron & Steel said Wednesday in a filing. The Shandong steelmaker is the seventh-largest in China.
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