Chinese state owned Baowu Steel Group inked an agreement with Magang (Group) Holding Co Ltd to secure a 51% stake in the latter. Mr Chen Derong, chairman of Baowu said the partnership was a continuation of the long-term cooperative relationship between the two, as well as a major move in pushing for the supply-side reform of the industry.

The merger is a big step in China''s ongoing consolidation of its steel industry and will help build a world-class steel mill with global competitiveness. Baowu is expecting its annual steel production capacity to increase from 70 million tonnes to 90 million tonnes by absorbing Magang. Formed by the consolidation and restructuring of former Baosteel Group Corporation and Wuhan Iron & Steel (Group) Corporation in 2016, Baowu is now the world''s second-largest steel producer. 金属板材展-线材展-金属加工展-2020第二十一届广州国际金属板材、棒材、线材及金属加工设备展—全球三大金属展之一巨浪展览 -- The 21st China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition Plate metal exhibition, Plate metal expo,2020 Plate metal exhibition,2020 Plate metal expo, Bar exhibition, Bar expo,2020 Bar exhibition,2020 Bar expo, China Bar exhibition, China Bar expo, wire exhibition, wire expo,2020 wire exhibition,2020 wire expo, Metal Processing exhibition, Metal Processing expo,2020 Metal Processing exhibition,2020 Metal Processing expo, China Metal Processing exhibition, China Metal Processing expo.