Benxi Steel Group and Ansteel Group entered the process of merging their companies. When this process is completed, the goal of both companies is to establish the third largest steel producing facility in the world.
After acquiring a 51% stake in Benxi Group, Ansteel will have the capacity to produce 63 million tons of steel per year.
According to market research, Ansteel aims to produce 50 million tons of iron ore and 70 million tons of crude steel per year by 2025, while generating an annual revenue of CNY 300 billion (USD 46 billion).
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