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PrintChina's Rizhao Iron and Steel, one of China's largest private-sector steel mills, has signed an agreement to consolidate with a state-owned rival, the official China Securities Journal said on Thursday.
Rizhao and Shandong Iron and Steel, located in eastern China's Shandong province, signed a letter of intent on consolidation on Wednesday, the paper said. It gave no further details.
Fast-growing Rizhao produces 8 million tonnes of crude steel annually and has attracted analysts' attention for its high profit margins.
Rizhao and Shandong Iron and Steel signed a letter
of intent on consolidation on Wednesday.
Consolidation has progressed slowly but steadily in China's fragmented steel sector, with encouragement from the government.
The state-owned parents of Laiwu Steel Corp and Jinan Iron and Steel Co have merged to form Shandong Iron and Steel Group, although they have yet to give a time frame for a formal combination of their equity.
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