China's largest steelmaker, which was created a year ago by merging two large steel mills, is trying to increase its total annual capacity from its current 60 million tons to 100 million tons, the CEO said.
China Baowu Steel Group Corp's ambitious plan, currently ranked as the world's second largest steel producer after ArcelorMittal, was announced after Beijing began closing many private steel mills for environmental reasons and continues with plans to phase out obsolete facilities and fragmentation. production.
“In the coming years, China's steelmaking capacity may drop to 400-500 million tons. Baowu plans to increase its market share to 20-25 percent, ”Group General Manager Chen Darong said at the Shanghai Steel Forum on Wednesday. Chen said the group is negotiating possible takeovers or mergers with smaller steel companies, mostly state-owned.
Analysts say China's push to cut overcapacity is creating larger, more powerful government players in industries such as steel and coal - sometimes at the cost of private business.
China's largest steel mill plans to expand capacity
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Azovpromstal® 26 September 2017 г. 10:10 |
