September 25, 2018 / 9:05 AM / in 24 days

China Baowu Steel Group denies report about takeover of Magang - media

BEIJING (Reuters) - China Baowu Steel Group said a media report that it is in talks to take over Magang group was not true, state media Shanghai Securities News reported on Tuesday.

Top Chinese steelmaker China Baowu Steel Group is in talks to take over rival Magang Group, three sources familiar with the discussions told Reuters earlier, a deal that would help entrench the nation’s position as a serious competitor in global steel markets.

Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger

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