Dec 22, 2022 05:15 AM

BUSINESS

China Baowu Steel Officially Takes Over Sinosteel

By Luo Guoping and Denise Jia

China’s steel industry is entering a downward cycle, and steelmakers are recording declining profits.

China’s steel industry is entering a downward cycle, and steelmakers are recording declining profits.

Beijing-based Sinosteel Corp. was restructured and merged into China Baowu Steel Group Corp. Ltd., the country’s State-owned Assets Supervision and Administration Commission (SASAC) said Wednesday.

Baowu Steel Group took Sinosteel into its stewardship in October 2020 as the SASAC-owned company ran into debt trouble. But the takeover didn’t involve a major asset restructuring of the company.

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