Ansteel, Bengang Relaunch Restructuring to Create China's No. 2 Steelmaker

Ansteel, Bengang Relaunch Restructuring to Create China’s No. 2 Steelmaker
China’s state-owned
Ansteel Group is planning a strategic consolidation with regional rival
Benxi Steel Group, known as Bengang, a move that could form China’s second-largest steelmaker, Bengang’s Shenzhen-listed unit said Thursday.
The restructuring, which may result in a change of control of the company, is still in the planning stage, subject to the approval of related government departments, Bengang Steel Plates Co. Ltd. (000761.SZ) said in a statement.
This would be the second attempt for the two steelmakers to consolidate in 16 years. The two companies announced a merger in 2005 but were unable to complete it. As Ansteel is owned by the national state-assets regulator and Bengang is owned by the local regulator, they couldn’t agree on an asset-reorganization plan, and the merger was limited to consolidation of financial statement, without an actual integration.

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