Four large Chinese steel companies Baowu Steel Group, Ansteel Group, Magang Group and China Orient Asset Management are merged into the joint venture Huabao Metalurgical Assets Management Co.Baowu Steel Group will own 37.5% of the new joint venture, while Orient Asset and Ansteel will own 25% of the shares, and Magang - 12.5%.
As stated in the press release of Magang Group, the creation of a new joint venture will help China fulfill its task of reducing excess capacity in the steel sector by gradually abandoning inefficient factories through mergers and acquisitions that will further streamline the industry.
The material is prepared according to minprom.ua (https://www.minprom.ua/news/247426.html)
