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Thursday, 15 July 2010 - China merges steelmakers to create top 10 producer
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    Read more with google mobile : China merges steelmakers to create top 10 producer

    Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China merges steelmakers to create top 10 producer AFP - Thursday, July 15 Send IM Story Print China merges steelmakers to create top 10 producer Slideshow: Full Photo Coverage: Business & Economy BEIJING (AFP) - – China launched a new steel group this week after merging four companies amid efforts to eliminate excess capacity, slash carbon emissions and strengthen the nation's position in iron ore price talks. The four steelmakers in the northern port city of Tianjin have merged to create Tianjin Bohai Iron & Steel Group, Dow Jones Newswires reported late Wednesday, citing the local government. The steelmakers had a combined output of 21 million tonnes in 2009, making the new company one of China's top 10 steelmakers by production, the report said, citing data from the China Iron and Steel Association. The merger is China's latest move to consolidate the fragmented steel industry as authorities seek to build a more environmentally sustainable economic growth model, the report said. The move is also designed to boost the bargaining position of Chinese steel mills in annual iron ore price talks with the world's major miners. Blistering economic growth in recent years has resulted in soaring domestic demand for iron ore, a key ingredient in steel. The State Council, or cabinet, said last month it would ban new steel projects until 2012 and vowed to speed up consolidation of the sector. It aims to create 10 steel producers that would account for more than 60 percent of the nation's steel capacity by 2015, compared with 44 percent in 2009. Recommend Send IM Story Print Related Articles Akbank borrows $1 bln in 5-year bond issue Reuters - 28 minutes ago GLOBAL MARKETS-World stocks, dollar drop on soft economic data Reuters - 31 minutes ago Watchdog eyes market rules for unfair advantages Reuters - 33 minutes ago US-BUSINESS Summary Reuters - 34 minutes ago Democratic fundraiser Nemazee gets 12 years prison Reuters - 35 minutes ago News Search Top Stories JPMorgan profit leaps nearly 80% Russia seeks German help to modernise economy Philadelphia sign NBA number two draft pick Turner New car sales fall for third month in Europe 'Significant advances' made towards AIDS vaccine More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Rapid weight loss best way to slim down: studies Penelope Cruz, Javier Bardem tie the knot Experts urge US to restrict drug Avandia Mel Gibson takes aim at Hispanics in fresh rant US Fed weighs new measures as recovery falters More Most Viewed » Reclusive top mathematician turns down prize, again Germany's 'Octopus oracle' keeps perfect record Fans gather for Michael Jackson death anniversary Who's right - the dolphin or the octopus? 3 Russian spy suspects due in US court More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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