China's Baowu completes acquisition of Chonggang Group

China Baowu Steel Group (Baowu) - the world’s largest steel producer with a 130 million tonnes/year capacity - has officially become the controlling shareholder of Chongqing Iron & Steel Group (Chonggang Group) following the latter’s recent completion of a business registration change, according to a release from China Metallurgical News, the official intelligence provider on metallurgical news supervised by China Iron and Steel Association.

Baowu contributed around Yuan 1.486 billion ($209.4 million) in registered capital and it acquired a 90% stake in Chonggang Group from the company's former sole shareholder Chongqing State-owned Assets Supervision and Administration Commission (Chongqing SASAC). The acquisition will further expand Baowu's footprint in Southwest China and strengthen its position as the world's largest steelmaker, the release said. Earlier in 2017, Chongqing Changshou Steel