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Benxi Steel will not merge with Ansteel Group - Chairman

Add Time:2019-03-07 23:34:00 Clicks:
Reuters reported that China's Benxi Steel Group will not merge with regional rival Ansteel Group. Ending long running talk of a potential merger, Chen Jizhuang, chairman of Benxi Steel, told Reuters , the chairman of Benxi Steel told Reuters "We have completely stopped the talks with Ansteel on a merger.”

He did not elaborate.

Benxi Steel and Ansteel are located in northeast China's Liaoning province. Benxi is backed by the provincial government and Ansteel by Beijing. The two steel groups have been reported to be in talks over a possible merger since 2005 as part of Liaoning's efforts to mainstream and de-leverage its heavy industry. Both are specialized in plate-making, especially cold-rolled coil and galvanized steel sheet used in the automobile industry.

Ansteel, with around 35 million tonnes annual steelmaking capacity, ranks No 4 by output in the country, while Benxi Steel, with 20 million tonnes capacity, is ranked No 9
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