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BEIJING/HONG KONG (Reuters) - China’s state-owned Ansteel Group is planning a “strategic restructuring” of regional rival Ben Gang Group, a filing showed on Thursday, in a sign that the government is seeking to step up consolidation of its mammoth steel sector.
FILE PHOTO: The Ansteel logo is seen at its headquarters in Anshan, Liaoning province, China November 28, 2018. REUTERS/Muyu Xu/File Photo
Ansteel, China’s No.4 steel maker and Ben Gang, which ranks No.9, are both based in the northeast province of Liaoning and have reportedly been in talks about a merger since 2005.
Bengang Steel Plates, the listed arm of Ben Gang Group, said in a filing to the Shenzhen Stock Exchange that the restructuring could result in a change to its ownership.