SHANGHAI, Sept 22 China's Baosteel Group will
fully take over Wuhan Steel Group to create the world's second
largest steelmaker after ArcelorMittal, as Beijing aims to
increase the concentration level of the scattered industry.
The new entity will be named China Baowu Steel Group, the
Baosteel Group's listed units Bayi Iron & Steel and
Baosteel Packaging said in a separate filing on
It will overtake Hebei Iron and Steel Group to become
China's top steelmaker.
Baoshan Iron & Steel, Baosteel Group's main
listed unit, will issue new shares to shareholders of Wuhan Iron
& Steel to absorb the company, a plan that is
subject to government approval.
(Reporting by Ruby Lian and Josephine Mason; Editing by