Jun 23, 2022 03:37 AM

BUSINESS

Ansteel May Take Over Lingyuan Iron & Steel

By Luo Guoping and Han Wei

Ansteel is the second-largest steel producer in China and the third-largest in the world.

Ansteel is the second-largest steel producer in China and the third-largest in the world.

China’s second-largest steelmaker may expand production capacity 10% by taking over a smaller rival as the world’s biggest steel industry continues a government-driven consolidation push.

Shanghai-traded Lingyuan Iron & Steel Co. Ltd. said Wednesday in a filing that its controlling shareholder is in discussions with Anshan Iron and Steel Group Corp. on a potential restructuring that may lead to an ownership change. The reorganization is still in the planning stage, Lingyuan Iron & Steel said.

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