China merger to create world's second largest steel firm

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fahrenheit451

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China merger to create world's second largest steel firm

posted on Sep 20, 2016 09:00AM

Two of China's largest steel companies have announced plans for a merger, creating the world's second largest steelmaker, as the industry struggles with global overproduction.

Under the deal, Baosteel is to take over its smaller competitor Wuhan Iron and Steel.

Both companies are majority-owned by the state.

http://www.bbc.com/news/business-37415771

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