China's State Assets Supervision and State Council Administration Commission (SASAC) approved the restructuring of China Baowu Steel Group and Sinosteel Group.
Established in 1993, Sinosteel is a state-owned enterprise managed by SASAC, mainly engaged in the development and processing of metallurgical mineral resources, trade and logistics of metallurgical raw materials and products, engineering technical services and equipment manufacturing.
Baowu, which acquired the controlling stake of 51 percent of Xinyu Iron & Steel Co. in October, will have made two important acquisitions in 2022 if it makes the purchase before the end of this year.
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