China asked to step up steel merger efforts

Nov 29, 2007 | 06:57 AM |

The China Iron and Steel Association (Cisa) has formally asked the government to take steps to speed up the consolidation of the country's steel industry.

"We held a meeting with government officials in mid-November to discuss steel industry development, and in the proposal we submitted to the State Council we emphasized the importance of accelerating consolidation," a senior Cisa official said.

He denied that the petition had anything to do with BHP Billiton's proposal to take over Rio Tinto to create a company with dominance over iron ore supplies from Australia, which currently account for some 40 percent of Chinese iron ore consumption.....

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