Chinese companies merge

China’s Hebei Province has merged three of its major steel groups Tangshan Steel Group, Xuanhua Iron and Steel Group and Chengde Iron and Steel Group into one new company called Tangshan Iron and Steel Ltd with an annual output of 16.07 million tons of steel. It will be the second largest steel company in China next to Bao Steel with total asset of USD 7.16 billion and will have the capability of producing 20 million tons of steel annually in the future.

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