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2 Min Read BEIJING/HONG KONG (Reuters) - China’s state-owned Ansteel Group is planning a “strategic restructuring” of regional rival Ben Gang Group, a filing showed on Thursday, in a sign that the government is seeking to step up consolidation of its mammoth steel sector. FILE PHOTO: The Ansteel logo is seen at its headquarters in Anshan, Liaoning province, China November 28, 2018. REUTERS/Muyu Xu/File Photo Ansteel, China’s No.4 steel maker and Ben Gang, which ranks No.9, are both based in the northeast province of Liaoning and have reportedly been in talks about a merger since 2005. Bengang Steel Plates, the listed arm of Ben Gang Group, said in a filing to the Shenzhen Stock Exchange that the restructuring could result in a change to its ownership. ....
Ansteel, Bengang Relaunch Restructuring to Create China’s No. 2 Steelmaker China’s state-owned Ansteel Group is planning a strategic consolidation with regional rival Benxi Steel Group, known as Bengang, a move that could form China’s second-largest steelmaker, Bengang’s Shenzhen-listed unit said Thursday. The restructuring, which may result in a change of control of the company, is still in the planning stage, subject to the approval of related government departments, Bengang Steel Plates Co. Ltd. (000761.SZ) said in a statement. This would be the second attempt for the two steelmakers to consolidate in 16 years. The two companies announced a merger in 2005 but were unable to complete it. As Ansteel is owned by the national state-assets regulator and Bengang is owned by the local regulator, they couldn’t agree on an asset-reorganization plan, and the merger was limited to consolidation of financial statement, without an actual integration. ....