Latest News:  

English>>Business

China to promote M&A in the steel industry

By Wang Ying  (Chinadaily.com.cn)

09:01, February 07, 2013

China's steel industry is likely to lead the M&A campaign launched by the Ministry of Industry and Information Technology and joined by other 11 ministerial-level departments, sources said.

On Jan 22, the Ministry of Industry and the National Development and Reform Commission, along with other ministries, jointly issued guidelines to promote M&A deals among major industries such as auto, steel, cement, shipbuilding and healthcare.

According to a report on the Guangzhou-based 21st Century Business Herald on Tuesday, the steel industry may take the lead in the initiative.

The steel sector stocks index increased 1.59 percent on Monday, in one of the rare trading days when the index outperformed the broad market.

The Ministry of Industry set a restructuring target stating that by 2015, China's top 10 steel makers should have an aggregated capacity of 600 million tons, with each company able to produce at least 60 million tons a year.

Hebei Iron and Steel Group Co Ltd, China's largest steel maker by capacity, can only produce 45 million tons of steel per year.

According to the guidelines, by 2015, China's top 10 steel makers should produce about 60 percent of the nation's steel products, while three to five steel groups will be formed with key competitiveness and international influence responsibilities.

The guidelines also encourage steel firms to merge domestic mining resources and coking companies, as well as participate in the restructuring of scrap steel processing companies that have met environmental protection standards.

We recommend:

Export woes need for change in trade structure

Sweet smell of profit if it's an Internet domain

Sina seeks new revenues while battling WeChat

China Mobile expands 4G trials to Zhejiang

SAP identifies a fruitful market

Ministry acts on dairy safety

Email|Print|Comments(Editor:HuangBeibei、Li Zhenyu)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. 'Changchun' warship commissioned to Navy

  2. Infantry regiment in winter training

  3. The world in photos (2013.1.28-02.03)

  4. People kiss boas for luck in Chongqing

  5. Chinese New Year in country fair

  6. Sweetest moment of 'mother-to-be'

  7. Wu Mochou: Maverick musician

  8. 'Little Psy' wants to be more famous

  9. Export woes need for change in trade structure

  10. Boost expected for local cars

Most Popular

Opinions

  1. Cowardly officials behind thuggish pawns
  2. Free-pass policy faces New Year migration test
  3. Safety on the roads
  4. Hukou and properties
  5. China, Japan need dialogue for peace
  6. Hukou system denies right to 'die equal'
  7. The ungainly dance of Shinzo Abe
  8. Why does US plan to relax immigration policy?
  9. Egypt's relative calm not expected to last for long
  10. East or west, whose home is best?

What’s happening in China

Most feared Spring Festival questions

  1. Migrant worker thanks public for help
  2. China strives to reduce air pollutants
  3. Restaurant owners admit using gutter oil
  4. Police rescue 14 human trafficking victims
  5. Clinic closed following outbreak of hepatitis C