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Sinosteel Group Corp Ltd, or Sinosteel, has been integrated into Shanghai-headquartered China Baowu Steel Group, according to information released by the State-owned Assets Supervision and Administration Commission.
Approved by the State Council, the Beijing-based company has been restructured and will be a part of China Baowu Steel Group, the world's largest steel conglomerate by sales revenue.
Under its new status, Sinosteel will no longer be a centrally administered State-owned enterprise under the supervision of the SASAC, the country's top State asset regulator.
Established in 1993, Sinosteel is a large multinational group with a core businesses that integrates resources development, trade and logistics, engineering project, and science and technology, as well as equipment manufacturing and specialized service, providing comprehensive auxiliary service for steel industry and other strategic emerging industries.
China Daily
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