China eyes new rules to boost consolidation in steel sector

Jun 16, 2009 | 11:14 AM |

The Chinese central government is framing rules to boost consolidation in its fragmented steel sector, according to reports from the official Xinhua News Agency.

The financial crisis and China's steel oversupply has made it a "priority" for Chinese mills to consolidate through mergers and restructuring, Yang Xueshan, vice minister of the Ministry of Industry and Information Technology, said at a conference Monday in Anshan, located in Liaoning province.

The ministry is, therefore, drafting rules to boost "development of super-big steelmakers, in hopes of improving their local and international competitiveness," Yang said without elaborating.....

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