Ansteel and Bensteel merge

17 August 2005

In one of the steel industry's first moves toward planned consolidation, two of China's ten biggest steelmakers, Anshan Iron & Steel Group (Ansteel) and Benxi Steel (Bensteel), will be merged to form Anben Steel Group Company, a giant with an annual output of 20m tons, state media reported. Less than a month ago the National Development and Reform Commission (NDRC) issued a new policy aimed at forming bigger domestic steelmakers with an annual output reaching 30m tons by 2010. Currently, China's largest steelmaker, Baosteel, has an annual output expected to reach 25m tons by the end of this year.