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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese steelmakers to merge: state media AFP - 1 hour 48 minutes ago BEIJING (AFP) - - Three Chinese steel companies agreed Tuesday to merge, creating the country's biggest listed steel maker, in a bid to cushion the impact of the global financial crisis, state media reported. Tangshan Iron and Steel, already one of China's largest steel producers, will get together with two smaller firms -- all three based in the northern province of Hebei, the official Xinhua news agency said. The new group's annual production of raw steel will be about 32 million tonnes, overtaking that of China's largest steel company Baosteel, according to Xinhua. The three are all listed firms, and are all part of the state-owned Hebei Iron and Steel Group. China's steel industry has suffered from the global financial crisis, and recorded a combined loss in October, the first time in six years it slipped into the red, according to earlier media reports. "The move will enhance steel industry restructuring, which will cushion the blow as the financial crisis has hurt economic growth," Hu Yanping, an analyst with mining information website Umetal.net, was quoted as saying by Xinhua. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Oil dips below $40 over world economic concernsAP - 1 hour 5 minutes ago Chinese steelmakers to merge: state mediaAFP - 1 hour 48 minutes ago Thai economy slows in November: central bankAFP - Wednesday, December 31 China Eastern Airlines bailout swells to $1 blnAP - Wednesday, December 31 Related Articles: Business US STOCKS SNAPSHOT-Wall St extends gains; Nasdaq, S&P rise 1 pctReuters - 20 minutes ago December consumer confidence drops to all-time lowAP - 21 minutes ago Pound's flirtation with euro parity hits touristsAP - 21 minutes ago Turkey Nov trade deficit falls 49 pct to $2.722 blnReuters - 28 minutes ago Turkish lira dips, bonds firm as inflation eyedReuters - 31 minutes ago Enlarge Photo Chinese steelmakers to merge: state media Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Two thousand and strange: offbeat stories of the year Natural disasters 'killed over 220,000' in 2008 Obama economic plan to cost between 675 and 775 bln: aides Japanese tourist spends 3 months in Mexico City airport View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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