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China’s Baowu close to completing TISCO acquisition

China Baowu Steel Group, the top steel mill in China and almost matching ArcelorMittal globally in production capacity, has passed the final hurdle towards getting a 51% stake in Taiyuan Iron & Steel Group (TISCO), with the final approval of the related authorities, and this will also enable it to soon pass the targeted 100 million tonnes/year installed capacity one year in advance, Mysteel Global understands
It has taken over two months for the related regulatory body in China’s central government to investigate Baowu’s plan and to be convinced that no monopoly will be created as a consequence of the stake transfer, and the approval for stake transfer to proceed was granted on November 11, as stated in a press

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