China’s Baowu mulling acquiring Chonggang?
Jul 04, 2019 08:30
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Speculation is rife in China’s steel community that Baowu Steel Group Co (Baowu), the country’s largest steel producer by capacity and the world’s second largest maker, will soon acquire Chongqing Iron & Steel Group (Chonggang) in Southwest China’s Chongqing municipality.
The conjecture arose after Baowu chairman Chen Derong was reported by domestic online media to have remarked at a conference late last month in Shanghai that Baowu intends to take management control of the 8.3 million tonnes/year medium and heavy plate producer.
Officials from both Baowu and Chonggang denied all knowledge