Wuhan Steel, Baosteel Announce Joint Restructuring

Reuters: China's Baosteel, Wuhan Steel announce plan to restructure
China's Baosteel Group and Wuhan Iron and Steel Group, two of the country's largest steelmakers, are together planning to restructure, their listed units said in separate stock exchange filings on Sunday.

Baosteel Group is China's second-largest steelmaker, and Wuhan Iron and Steel Group is the country's fourth-largest.

The companies did not specify what the restructuring would entail. Beijing has said that mergers would be a key way to consolidate the steel sector, aiming to cut overcapacity and increase the proportion of output from China's ten biggest mills.
The steel champion may have been decided. The only firm that can do a merger and end up with larger production is Hebei Iron & Steel.

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