Anshan Iron & Steel Group, the second largest steel producer in China, announced plans to merge plans to merge with Benxi Iron & Steel Group. The combined production of the two companies will bring it close to the level of Baosteel Group, the largest steel company in China.
According to published reports the combined capacity of the two mill will be around 20 million metric tons, compared to 21.4 million metric tons Baosteel presently has.
The merger of the two steel companies is following a trend sweeping the global steel industry, as the largest steel companies are looking to grow their capacity through a host of acquisitions.
The combination of the two steel companies could give them a better position to negotiate for the raw materials needed to feed their furnaces.
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