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Merger plan for China's two major steel makers unveiled

Xinhua, September 21, 2016 Adjust font size:

China's major steel maker Baosteel on Tuesday evening unveiled a plan to acquire Wuhan Iron and Steel and will become the world's second largest steel-maker in terms of crude steel output, after ArcelorMittal.

According to announcements posted on the Shanghai Stock Exchange website, Baosteel will issue A-shares to all transferring shareholders of Wuhan Iron and Steel, based in Hubei Province.

The restructuring plan still needs approvals from shareholders' meetings of both listed firms.

Last year, the crude steel output of Baosteel and Wuhan Iron and Steel was 34.94 million tonnes and 25.78 million tonnes respectively. After the merger, the output of Baosteel will exceed that of HeSteel Group, based in Hebei Province, to rank first in China. Endi