China approves restructuring of two major state-owned steel enterprises

BEIJING, Dec. 21 (Xinhua) -- China has approved the restructuring of two state-owned giants in the iron and steel industry, the country's top state-owned assets regulator said on Wednesday.

Sinosteel Group Corporation Limited, a metallurgical and mineral resources developer and processor, will be integrated into China Baowu Steel Group Corporation, a major player in the iron and steel industry, according to the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

After the reorganization, Sinosteel will no longer be under the direct regulation of the SASAC.

In October 2020, it was decided that China Baowu would take custody of Sinosteel.

Formed after the reorganization of the former Baosteel and Wuhan Iron and Steel in 2016, China Baowu has carried out a series of strategic restructuring in recent years.

The steel giant saw its steel output top 100 million tonnes in 2020 and registered a record business performance in 2021.