LINE

Text:AAAPrint
Economy

China's two steel giants plan for restructuring

1
2016-06-27 08:25Xinhua Editor: Mo Hong'e

China's two major steel companies announced restructuring plans on Sunday, but no details were revealed.

In their separate statements, Wuhan Iron and Steel and the Shanghai-based Baosteel said they were planning for "strategic restructuring" and trading of their shares would be suspended starting on Monday.

The final restructuring plans, however, were yet to be confirmed and endorsed by supervisory bodies, the statements said.

Rumors about a possible merger between Baosteel Group and Wuhan Iron and Steel have been going on for almost a year, but have not been confirmed.

Baosteel is China's largest iron and steel company and the fifth in the world. Last year, its steel output totaled 36.11 million tonnes.

Wuhan Iron and Steel ranks the sixth in China and reported 26 million tonnes of steel output last year.

 

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.